Following two-sided trade, notions of cash stability and apparent short covering helped Cattle futures rally sharply higher Wednesday. Softer grain prices further supported Feeder Cattle.
Cattle feeders offered 1,060 head in the weekly Fed Cattle Exchange Auction Wednesday—mostly from Kansas and Nebraska—and sold 851 head for a weighted average price of $110.00/cwt., all for delivery at 1-9 days. That price was about $2 less than last week’s country trade. However, prices paid at regional auctions—places like Tama, IA—were $3-$4 higher than that price on Ch 2-4 steers.
Live Cattle futures closed an average of $1.25 higher.
Feeder Cattle futures closed an average of $2.11 higher.
Boxed beef cutout values were weak to lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 52¢ lower Wednesday afternoon at $203.75/cwt. Select was 80¢ lower at $197.58.
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