After early follow-through pressure, Cattle futures bounced higher on Wednesday, supported by light trade volume, clarity regarding the recently confirmed case of atypical bovine spongiform encephalopathy, as well as some steady money paid for fed cattle.
Although only 708 head sold out of the 2,912 head offered in the weekly Fed Cattle Exchange Auction, those that did brought steady money with the prior week’s sale, and steady money to $2 lower compared to the bulk of last week’s negotiated sales.
Most of the cattle selling were for delivery at 1-9 days; they brought a weighted average of $118.27. Another handful for delivery at 1-17 days brought a weighted average price of $118.00
Country trade got underway in Nebraska with light demand on light to moderate trade. Live sales were steady to $2 lower at $118/cwt.
Live Cattle futures closed an average of $1.78 higher ($1.17-$2.20 higher).
Feeder Cattle futures closed an average of $2.52 higher ($2.17 to $2.90 higher).