Negotiated cash fed cattle trade developed in the Southern Plains Wednesday with live sales at $118-$119/cwt., but mostly $119, which was mostly $2 less than last week.
Southern Plains cattle selling in the weekly Fed Cattle Exchange auction also brought $119. There were 413 head offered; 315 head sold for delivery at 1-9 days.
Even so, Cattle futures finally clawed back some losses amid oversold conditions.
Except for 12¢ and 2¢ lower on either end of the board, Live Cattle futures closed an average of 56¢ higher.
Feeder Cattle futures closed an average of 76¢ higher.
Wholesale beef values were lower on Choice and higher on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.52 lower Wednesday afternoon at $206.31/cwt. Select was 77¢ higher at $205.30.
Corn futures closed 1¢ to 3¢ higher through Jly ’21 and then mainly unchanged.
Soybean futures closed 2¢ to 7¢ higher through Nov ’20 and then mostly 1¢ to 3¢ lower.