Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports.
Choice steers brought $1.75-$2.00/cwt. higher at the fat auction in Tama, Iowa. Ch 2-4 steers (152 head) at an average of 1,344 lbs. brought an average of $109.27/cwt. Choice heifers were $2.25-$2.50 higher.
Similarly, slaughter steers sold $3-$4 higher at Sioux Falls Regional in South Dakota; $5-$6 higher for slaughter heifers. Ch 2-3 steers (182 head) weighing an average of 1,440 lbs. brought an average of $108.89.
Incrementally, Cattle futures continued to recover some of last week’s steep losses, helped along by wholesale beef strength, as well as notions that Friday’s Cattle on Feed report should be neutral to slightly bullish (see below).
Live Cattle futures closed an average of 53¢ higher (17¢ higher at the back to 95¢ higher).
Feeder Cattle futures closed an average of $1.09 higher (77¢ to $1.57 higher).
Wholesale beef values were steady on Choice and higher on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 4¢ higher Wednesday afternoon at $241.74/cwt. Select was $1.43 higher at $215.70.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 3¢ to 4¢ higher.