Cash fed cattle trade started out $1 lower yesterday, beginning with the weekly Fed Cattle Exchange auction. Only one lot (54 head) sold out of the 1,063 head offered, at a weighted average price of $116/cwt. for delivery at 1-9 days. The weighted average there last week was $117.68.
Country trade started out mostly $1 less than last week too, at $116, but by the end of the day, sales were reported up to $118.
Cattle futures followed a similar path, except they started the session with support that faded by mid-day before bouncing to close with mostly triple-digit gains.
Except for 60¢ and 55¢ higher in the back two contracts, Live Cattle futures closed an average of $1.45 higher ($1.07 to $1.80 higher).
Feeder Cattle futures closed an average of $1.13 higher (85¢ to $1.45 higher).
Choice boxed beef cutout value was 35¢ lower Wednesday afternoon at $205.06/cwt. Select was 87¢ lower at $197.42.
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