Prospects for negotiated cash fed cattle prices got a shot in the arm from the weekly Fed Cattle Exchange auction Wednesday. One lot of Texas steers—268 head—sold out of a total offering of 878 head, for a weighted average price of $120/cwt., which was $1 higher than last week’s country trade in the region.
Similarly, Choice steers and heifers sold $1.00-$1.50 higher at the fat auction in Tama, IA. There were 305 Ch 2-4 steers weighing an average of 1,453 lbs. and bringing an average price of $120.54, which was at the upper end of the previous week’s country price.
Cattle futures wavered, amid the lack of cash direction and sluggish overall trade.
Other than 2¢ higher in spot Dec, Live Cattle futures closed an average of 25¢ lower.
Other than 7¢ higher toward the back, Feeder Cattle futures closed an average of 52¢ lower.
Wholesale beef values were lower to sharply lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $3.24 lower Wednesday afternoon at $209.57/cwt. Select was $1.90 lower at $201.57.
Corn futures closed 1¢ to 3¢ lower.
Other than fractionally lower in the front four contracts, Soybean futures closed 1¢ to 4¢ higher.