Only about 20% of the offering sold in the weekly Fed Cattle Exchange auction on Wednesday. Specifically, 480 head sold out of the 2,554 offered. The weighted average price was $119.51/cwt. for delivery at 1-9 days and $120 for delivery at 1-17 days.
Country trade in Nebraska opened even lower at $118/cwt. on a live basis, which was $1-$5 less than last week. Dressed trade there was $3-$4 lower at $190-$191. Similar prices and declines were seen on early sales in the western Corn Belt, but there were too few to trend.
Choice boxed beef cutout value was $4.48 lower Wednesday afternoon at $229.43/cwt. Select was $2.59 lower at $212.67.
Even so, and despite early pressure, Cattle futures rebounded late in the session to close with gains.
Live Cattle futures closed an average of 79¢ higher (60¢ to $1.10 higher).
Feeder Cattle futures closed an average of $1.61 higher (60¢ to $2.10 higher).