Negotiated cash fed cattle trade was light to moderate in the Southern Plains through Wednesday afternoon at $127/cwt. on a live basis, which was $1 lower than last week.
Although too few to trend, there were some live sales in Nebraska at $126-$127, which was $1.50-$2.00 lower than the previous week.
The deepest test at Tama, IA for Ch 2-4 steers was $128.56/cwt. on 132 head weighing an average of 1,420 lbs. That’s at the upper end of last week’s country trade for the region. At Sioux Falls Regional in South Dakota, though, Ch 2-4 steers brought $125.25 to $128.00.
There were 755 head offered in the weekly Fed Cattle Exchange auction, and no takers. Two lots of Oklahoma heifers were passed out at $126.50/cwt.
Cattle futures firmed Wednesday, following early-week losses suggesting the top may be in for Live Cattle.
Live Cattle futures closed an average 27¢ higher across a wide range (2¢ to 87¢ higher).
Feeder Cattle futures closed narrowly mixed (27¢ lower to 25¢ higher).
Corn futures closed fractionally higher to 1¢ lower.
Soybean futures closed 3¢ to 6¢ higher.
Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 2¢ higher Wednesday afternoon at $228.24/cwt. Select was $1.07 lower at $219.28.