Cash fed cattle trade remained undeveloped through Wednesday afternoon, but early indicators were for at least steady prices.
For instance, Choice steers and heifers sold $2 higher at the fat auction in Tama, IA. Ch 2-4 steers (144 head) weighing an average of 1,416 lbs. sold for an average of $126.26/cwt.
Similarly, slaughter steers and heifers sold $2-$3 higher at Sioux Falls Regional in South Dakota. There were 201 Ch 2-3 steers weighing an average of 1,440 lbs. and bringing an average of $122.41.
Country trade in the western Corn Belt last week was at $124-$126.
There were 734 head offered in Wednesday’s Fed Cattle Exchange auction, with 435 head—two lots of steers in the Southern Plains—selling for a weighted average price of $124.22 for delivery at 1-9 days. The price was a tick higher than last week’s country trade in the region.
Futures market reaction to signing of the phase-one trade deal between the U.S. and China (see below) was largely muted Wednesday, likely a combination of some betting on the come ahead of the deal and the fact that details remain sketchy.
Live Cattle futures close an average of 19¢ lower.
Feeder Cattle futures closed an average of 35¢ lower through the front five contracts and then an average of 44¢ higher.
Wholesale beef values were steady to weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 23¢ lower Wednesday afternoon at $212.53/cwt. Select was 63¢ lower at $209.67.
Corn futures closed mostly 1¢ lower.
Soybean futures closed 10¢-13¢ lower through Sep ’21 and then 8¢ lower.