Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early sings pointed to at least steady trade.
For instance, although too few to trend, there was some live trade in Nebraska at $124/cwt., steady with last week.
Likewise, two lots of steers from Kansas brought a weighted average price of $124.11 in the weekly Fed Cattle Exchange auction. That was steady with the region’s country price a week earlier. There were only 294 head offered, but 161 head sold. Another lot was passed out at $124.
Cattle futures edged lower Wednesday with the lack of cash direction and light trade, especially light in Feeder Cattle.
Other than unchanged to an average of 3¢ higher in the back three contracts, Live Cattle futures closed an average of 19¢ lower.
Feeder Cattle futures closed an average of 48¢ lower.
Corn futures closed mostly unchanged to fractionally lower.
Soybean futures closed mostly 2¢ to 4¢ higher.
Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 55¢ higher Wednesday afternoon at $217.57/cwt. Select was 73¢ lower at $212.37.