Odds are increasing for higher cash fed cattle prices this week. Supportive factors include likely slaughter levels, the bounce higher in Cattle futures and early trade signals.
For instance, slaughter steers and heifers traded mostly steady at Sioux Falls Regional Livestock in South Dakota on Wednesday. Choice 2-3 steers brought $119-$121/cwt. at 1401-1487 lbs.
Similarly, there were no sales at the weekly Fed Cattle Exchange Auction on Wednesday with 637 head (five lots) offered.
As for country trade, it remained at a standstill in the Northern Plains and Southern Plains through Wednesday afternoon; very inactive on very light demand in the western Corn Belt.
Although lower day to day, wholesale beef values maintained higher levels week to week.
Choice boxed beef cutout value was $1.00 lower on Wednesday afternoon at $201.60/cwt. Select was 41¢ lower at $190.42.
All of that helped Cattle futures mostly maintain gains from the previous session, although they closed narrowly mixed.
Live Cattle futures closed narrowly mixed, from 47¢ lower to 52¢ higher.
Except for fractionally lower in a couple of mid-board contracts, Feeder Cattle futures closed an average of 47¢ higher.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More