Negotiated cash fed cattle trade was limited on light demand in in all major feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Central Stockyards offered 7,773 head in its weekly Fed Cattle Exchange auction. Of those, 1,085 head sold (436 heifers and 649 steers), all from the Southern Plains. Steers brought a weighted average price of $119.78/cwt. The weighted average price for heifers was $119.14.
Cattle futures limped to narrowly mixed trade Wednesday amid sluggish interest.
Live Cattle support included another day of higher boxed beef prices.
Live Cattle futures closed marginally mixed, from an average of 7¢ lower in four contracts to an average of 9¢ higher.
Feeder Cattle futures wavered with pressure from higher Corn futures, led by sharply higher Wheat futures. Kansas City Wheat on the CME was 14¢ to 18¢ higher through May ’23. Chicago Wheat was 10¢ to 14¢ higher through Sep ’22.
Feeder Cattle futures closed narrowly mixed, from an average of 37¢ lower through the front five contracts to an average of 19¢ higher.
Choice boxed beef cutout value was $3.43 higher Wednesday afternoon at $273.16/cwt. Select was $2.18 higher at $256.12/cwt. The CME Boxed Beef Index was $1.19 higher at $262.75.
Corn futures closed fractionally higher to 3¢ higher through the front six contracts, then mostly fractionally higher to 1¢ higher.
Soybean futures closed 13¢ higher in spot Aug, then 1¢ to 3¢ higher through Jan ’23.