Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but packer interest seemed to pick up, at least on a token basis. Although too few transactions to trend, a few western Corn Belt trades were reported at $123-$124/cwt. on a live basis and at $199-$200 in the beef.
There were 785 head offered in the weekly Fed Cattle Exchange auction. There were no sales, but three lots passed out at $125/cwt.
Cattle futures closed lower, amid likely overall position squaring and beneath the umbrella of uncertainty regarding if and when a trade deal will be completed with China. Aside from light trade, recently firmer grain prices added drag to Feeder Cattle.
Live Cattle futures closed an average of 47¢ lower.
Feeder Cattle futures closed an average of 74¢ lower.
Corn futures closed mostly fractionally mixed.
Soybean futures closed mostly 1¢ lower, following the previous session’s strong gains.
Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $216.44/cwt. Select was 99¢ lower at $212.01.