Cattle futures rocketed higher Wednesday, led by Feeder Cattle, apparently buoyed by technical buying and the simple fact they were so oversold.
Live Cattle futures closed an average of $1.43 higher ($1.10 higher at the back to $2.12 higher).
Although still a touch lower week to week, Feeder Cattle futures closed an average of $4.22 higher.
Cash fed cattle trade remained undeveloped. There were only 315 head (three lots) offered in the weekly Fed Cattle Exchange auction, and no sales.
Corn futures closed 2¢ to 4¢ lower through Jul ’20 and then fractionally mixed.
Soybean futures closed 6¢ to 9¢ lower through Sep ’20 and then mostly 2¢ to 5¢ lower.
Wholesale beef values were steady to weak on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 6¢ higher Wednesday afternoon at $219.70/cwt. Select was 39¢ lower at $198.56.