Cattle futures closed lower Wednesday pressured by follow through support in grain futures, especially soybeans. Languishing wholesale beef values and demand wonderments also weighed.
Choice steers and heifers sold $2.00-$2.25 higher at the fat auction in Tama, IA: $120.52/cwt. for steers at 1,396 lbs.
There were 663 head offered in the weekly Fed Cattle Exchange auction, with 340 head (two Kansas lots) selling for a weighted average price of $113/cwt.; delivery at 1-9 days.
Live Cattle futures closed an average of $1.26 lower (75¢ lower at the back to $1.65 lower).
Feeder Cattle futures closed an average of 96¢ lower (32¢ lower in spot Aug to $1.30 lower).
Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 24¢ lower Wednesday afternoon at $222.15/cwt. Select was $1.52 lower at $206.73.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed 18¢ higher in the front four contracts and then mostly 10¢ to 17¢ higher.