Negotiated cash fed cattle trade sputtered back to life Wednesday, following last week’s Tyson fire. Live trade in the Southern Plains was at $105/cwt. on light to moderate trade and light demand, according to the Agricultural Marketing Service (AMS). That was $5 less than last week. Although too few to trend, there were also some early sales in the western Corn Belt at $105.00-$106.50 live and at $170-$172 in the beef.
Cattle futures surged higher, especially Feeder Cattle, as buyers took advantage of the oversold conditions created by massive selling the previous two sessions.
Other than an average of 55¢ lower in the front two contracts, Live Cattle futures closed an average of $1.61 higher.
Feeder Cattle futures closed an average of $5.18 higher, almost retracing what was lost in the previous day.
Wholesale beef values were sharply higher with good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $5.98 higher Wednesday afternoon at $232.34/cwt. Select was $5.34 higher at $205.92. Packers continue to benefit from the price bounce tied to the recent supply disruption.
Corn futures closed 5¢ to 7¢ lower through May ’21, and then mostly 1¢ to 2¢ lower.
Soybean futures closed 10¢ to 11¢ lower across the board.