Negotiated cash fed cattle prices roared higher Wednesday with moderate trade and good demand in all regions. Live prices were $8-$10 higher than last week at $119-$120/cwt. Dressed sales were $15-$20 higher at $190.
Likewise, fed cattle prices were significantly higher in the weekly Fed Cattle Exchange auction Wednesday, with 1,614 head for current delivery (1-9 days) selling for a weighted average price of $119.77/cwt. Most of those were from the Southern Plains. Another 837 head sold for delivery at 1-17 days for a weighted average price of $117.73.
Cattle futures, though, closed mixed but mostly lower on likely profit taking and squeamishness about what happens with beef demand after the initial flood of consumer stockpiling runs its course (see below).
Except for $2.30 higher in spot Apr, Live Cattle futures closed an average of $1.46 lower (87¢ to $2.52 lower).
Except for $1.85 higher in spot Mar and 5¢ higher in Aug, Feeder Cattle futures closed an average of $1.02 lower (40¢ to $1.60 lower).
Wholesale beef values were lower to sharply lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.01 lower Wednesday afternoon at $255.30/cwt. Select was $2.39 lower at $243.09.
Corn futures closed mostly 1¢ to 2¢ higher.
After 1¢ to 5¢ lower in the front three contracts, Soybean futures closed mostly 5¢ to 8¢ higher.