Negotiated cash fed cattle prices Wednesday were steady to $2 lower in the Southern Plains at $95/cwt. on a live basis; steady to $1 higher in Nebraska at $95-$96. Dressed trade for the week is $1 lower in Nebraska at $154-$155; steady to $4 lower in the western Corn Belt at $152-$155.
Cattle feeders offered 1,814 head in the weekly Fed Cattle Exchange Auction. There were 144 head—one lot of Kansas steers—selling for a weighted average price of $95/cwt., for delivery at 1-9 days. Two other lots were passed out at $93.
Cattle futures wobbled to start the day but picked up steam as the day progressed. Depending on your leanings, Live Cattle seem to be looking past the current backlog of fed cattle, or largely priced it in a ways back.
Live Cattle futures closed an average of $1.31 higher.
Feeder Cattle futures closed an average of 80¢ higher (22¢ higher in spot Aug to $1.42 higher).
Choice boxed beef cutout value was $1.59 lower Wednesday afternoon at $205.38/cwt. Select was $1.47 lower at $198.43.
Grain futures extended gains Wednesday, buoyed by USDA’s recent reports.
Corn futures closed 8¢ to 10¢ higher through Jul ’21 and then 3¢ to 4¢ higher.
Soybean futures closed 16¢ to 19¢ higher.