Negotiated cash fed cattle trade developed Wednesday with moderate trade and demand in the Southern Plains and Nebraska. Live prices were $1-$2 lower than last week at $126-$127/cwt. Dressed trade in Nebraska was $1 lower at $204.
There were only 365 head (5 lots) offered in the weekly Fed Cattle Exchange auction. One lot of heifers (80 head) sold for $126/cwt.
Cattle futures took a wide and wild ride on Tuesday, but ended decidedly lower, pressured by softer cash fed cattle trade, a sense of overall market weakness and month-end position squaring.
Live Cattle futures closed an average of 56¢ lower (32¢ to 97¢ lower), except for 2¢ higher at the back of the board.
Feeder Cattle futures closed an average of $1.27 lower (65¢ to $2.20 lower).
Choice boxed beef cutout value was 51¢ higher on Wednesday afternoon at $221.03/cwt. Select was 31¢ higher at $215.10.
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