Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.
Trends at fat cattle auctions were mixed. For instance, Choice 2-4 steers brought $129.23 to $129.83/cwt. at Tama, IA. On the other hand, significantly more Ch 2-4 steers (higher dressing) at Sioux Falls, SD brought $125.50-$126.75.
Only three lots of heifers (287 head) were offered in the weekly Fed Cattle Exchange auction on Wednesday, and no takers.
Even so, overall chatter continued to suggest higher prices when trade finally breaks loose this week, supported by strong beef fundamentals and the notion that packers appear to be even mort short-bought than last week.
Cattle futures basically paddled in place Wednesday, scooting forward a touch as traders awaited further cash direction.
Other than 17¢ lower in almost spent spot Feb, Live Cattle futures closed an average of 11¢ higher.
Feeder Cattle futures closed an average of 26¢ higher.
Corn futures closed 1¢ to 2¢ lower through Jul ‘20 and then mostly fractionally lower.
Soybean futures closed fractionally mixed.
Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 21¢ lower Wednesday afternoon at $219.46/cwt. Select was 94¢ lower at $212.79.