Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports. Early indications are for steady to higher prices again this week, with the expectation of a bit snugger harvest-ready supplies.
There were 525 head offered in the year’s first weekly Fed Cattle Exchange auction, and no takers. Two lots of steers from Texas and Kansas were passed on at $123.00/cwt. and $124.25, respectively.
Cattle futures mostly rebounded from the previous session’s softer tones, led by Feeder Cattle.
Except for 17¢ and 32¢ lower in the front two contracts, Live Cattle futures closed an average of 32¢ higher.
Feeder Cattle futures closed an average of 91¢ higher (40¢ to $1.40 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 6¢ lower Wednesday afternoon at $209.50/cwt. Select was 29¢ lower at $206.53.
Corn futures closed mostly unchanged to fractionally higher.
Soybean futures closed 1¢ to 3¢ higher through Mar ’21 and then mostly fractionally higher.