Negotiated cash fed cattle trade and demand was light to moderate in Nebraska and the Western Corn belt through Wednesday afternoon. Live trade on Nebraska was mostly steady with the previous day at $126/cwt. Dressed trade there sold steady with the previous week at $200. Dressed trade in the western Corn Belt was also steady with the previous week at $200.
Elsewhere, trade and demand were light with a few live purchases at $126, steady with the previous day.
Wholesale beef values basically traded sideways. Choice boxed beef cutout value was 37¢ higher Wednesday afternoon at $210.06. Select was 5¢ lower at $204.32.
Cattle futures turned lower with some technical selling and position squaring. Perhaps some pressure came from worries about big numbers in the Cattle report released yesterday, which ultimately ended up in line with expectations (see below).
Feeder Cattle futures closed an average of $1.72 lower ($1.40 to $2.12 lower in spot Mar).
Live Cattle futures closed an average of 94¢ lower (57¢ to $1.25 lower).
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