Negotiated cash fed cattle trade remained mostly undeveloped through Wednesday afternoon, with too few transactions to trend in any region.
There were 1,068 head offered in the weekly Fed Cattle Exchange auction, but no takers.
Midwestern fat auction prices were less than encouraging: $1-$2/cwt. lower at Sioux Falls, a touch lower at Tama. Yet, logic suggests packers need to be somewhat aggressive given the upcoming mid-week holidays.
Despite the lack of cash direction, Cattle futures closed higher Wednesday.
Live Cattle futures closed an average of 60¢ higher.
Feeder Cattle futures closed an average of 78¢ higher (47¢ higher at the back to $1.15 higher toward the front).
Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.84 lower Wednesday afternoon at $218.65/cwt. Select was $1.63 lower at $203.72.
Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then mostly 1¢ to 2¢ lower.
Soybean futures closed 5¢ to 7¢ lower through Nov. ’20 and then 3¢ to 4¢ lower.