Negotiated cash fed cattle prices continued higher in Kansas and Nebraska on slow trade and light demand through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, live prices are $2-$3 higher in the Southern Plains at $122/cwt. and $4 higher in Nebraska at $124. Dressed prices in Nebraska are $4-$5 higher at $195.
Last week, prices in the western Corn Belt were $120-$121 on a live basis and $190-$191 in the beef.
Cattle feeders offered 6,049 head in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,006 sold — all from the Southern Plains and all on a live weight basis. Steers brought a weighted average price of $121.65/cwt. and heifers brought an average of $121.22.
Cattle futures mostly gained again Wednesday, supported by the recent break in grain futures, as well as higher cash prices. That came in the face of limit-down moves in front-month Lean Hog futures.
Feeder Cattle futures closed an average of 87¢ higher (17¢ to $2.30 higher), except for an average of 25¢ lower in the back two contracts.
Live Cattle futures closed an average of 72¢ higher (12¢ to $1.35 higher).
Choice boxed beef cutout value was $5.26 lower Wednesday afternoon at $329.17/cwt. Select was $8.32 lower at $289.96. The Choice/Select spread was $39.21/cwt.
Positive weather kept pressure on Corn futures Wednesday.
Corn futures closed 1¢ to 7¢ lower, except for 5¢ higher in spot Jly.
Soybean futures closed mostly 18¢ to 30¢ lower.