Negotiated cash fed cattle trade ranged from inactive to limited through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live sales were at $121-$122/cwt. in the Texas Panhandle, $122 in Kansas, $125-$127 in Nebraska and $127 in the western Corn Belt. Dressed sales were at $200 in Nebraska and at $200-$205 in the western Corn Belt.
There was just a light run for Wednesday’s fat cattle auction in Tama, IA (313 head), but Choice steers and heifers traded $1.50 to $1.75/cwt. higher. There were 127 Choice 2-4 steers weighing an average of 1,377 lbs., bringing an average of $131.43.
Slaughter steers sold $2-$4 lower at Sioux Falls Regional in South Dakota. Fat heifers traded steady to $1 lower. There were 313 Choice 3-4 steers weighing an average of 1,532 lbs., bringing an average of $126.52/cwt.
Lack of cash direction, positioning from strong gains to start the week and softer wholesale beef values weighed on Live Cattle futures Wednesday.
Live Cattle futures closed an average of 76¢ lower (5¢ to $1.40 lower), except for unchanged to an average of 7¢ higher in three contracts toward the middle of the board.
Higher Corn futures added pressure to Feeder Cattle.
Feeder Cattle futures closed an average of 58¢ lower, except for 72¢ higher in almost spent Aug and 17¢ higher in the back contract.
Wholesale beef prices trended lower for the second consecutive day.
Choice boxed beef cutout value was 69¢ lower Wednesday afternoon at $346.89/cwt. Select was $1.21 lower at 315.69.
Total federally inspected cattle slaughter in July of 2.8 million head was 65,800 fewer (-2.3%) than the previous year. Total cattle slaughter for January through July of 19.25 million head was 880,700 more (+4.8%) year over year.
Commercial beef production in July of 2.3 billion lbs. was 104 million lbs. less (-4.3%) year over year. For January through July, beef production of 16.2 billion lbs. was 758.1 million lbs. more (+4.9%) than the same time last year. The average live weight was down 14 lbs. from the previous year, at 1,349 lbs.
Total commercial red meat production in July of 4.4 billion lbs. was 429.5 million lbs. less (-8.9%) than the previous year. Total commercial red meat production for January through July was 32.3 billion lbs., which was 645.6 million lbs. more (+2.0%).
Corn futures closed mostly 6¢ to 12¢ higher.
Soybean futures closed mostly 8¢ to 12¢ higher, except for mainly 1¢ higher in new-crop contracts.