Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. There were only 571 head offered in the weekly Fed Cattle Exchange auction, with none sold.
Cattle futures softened some, likely on profit taking and awaiting the week’s cash direction.
Live Cattle futures closed an average of 26¢ lower through the front six contracts and then an average of 27¢ higher.
Except for 10¢ higher in the back contract, Feeder Cattle futures closed an average of 58¢ lower.
Corn futures closed mostly unchanged to 1¢ higher.
Soybean futures closed 5¢ higher across the board.
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 14¢ lower Wednesday afternoon at $213.84/cwt. Select was 79¢ lower at $206.47.