Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports.
There were 477 head offered in the weekly Fed Cattle Exchange auction and no takers.
Slaughter steers and heifers sold $1-$2 lower at Sioux Falls in South Dakota with 105 Ch 2-3 steers brought an average price of $120.43/cwt. at an average weight of 1,441 lbs. Country trade in the western Corn Belt last week was at mostly $124-$125.
After glimmers of support early on, Cattle futures continued to trek lower with the overall lack of commodity support, no cash direction and longs fleeing the market.
Live Cattle futures closed an average of 48¢lower. Between Jan. 21 and 28, open interest declined by 30,377 contracts (down 7.6%).
Except for 5¢higher in soon-to-expire Jan, Feeder Cattle futures closed an average of 71¢lower.
Wholesale beef values were firm on Choice and steady on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 67¢ higherWednesday afternoon at $213.52/cwt. Select was 23¢ lower at $211.93.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 1¢ lower.