Negotiated cash fed cattle trade continued with a lower undertone, Wednesday, although there were too few transactions to trend. A day earlier, live trade was $4-$5 lower week to week in the Southern Plains and Nebraska at $115/cwt. Dressed trade was $3-$5 lower at $185-$187.
There were 755 head offered in the weekly Fed Cattle Exchange auction—five lots from the Southern Plains. Four lots—627 head—sold for a weighted average price of $115.25/cwt.; 483 head for delivery at 1-9 days and 272 head for delivery at 1-17 days.
Choice steers and heifers sold $1.00-$1.50 lower at the fat auction in Tama, IA. There were 82 head of Choice 2-4 steers weighing an average of 1,457 lbs. and bringing an average price of $120.51. Country trade in the region last week was at $119-$120.
At Sioux Falls Regional in South Dakota, though, fat cattle sold $2-$4 lower with 176 Choice 2-3 steers weighing an average of 1,438 lbs., bringing an average of $116.84.
Cattle futures, especially Feeder Cattle, found some footing Wednesday, likely helped along by short covering.
Live Cattle futures closed mixed, from an average of 69¢ lower through the front four contracts to an average of 28¢ higher.
Except for 12¢ lower in Oct, Feeder Cattle futures closed an average of 80¢ higher (10¢ higher to $1.85 higher in Apr).
Wholesale beef values were lower on light demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.13 lower Wednesday afternoon at $206.34/cwt. Select was $1.30 lower at $198.60.
Corn futures closed mostly fractionally lower to 2¢ lower.
Soybean futures closed mostly fractionally higher to 3¢ higher.