Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but a variety of indicators suggested at least steady prices this week.
At Sioux Falls Regional in South Dakota, Ch 2-4 steers brought $125.50 to $129.75/cwt. on Wednesday. The deepest test of Ch 2-4 steers at Tama, IA brought an average price of $130.81.
Through Tuesday, the 5-area direct live steer price was $128.50 on a smattering of trades, about even with the previous week.
There were only 300 head offered in the weekly Fed Cattle Exchange auction, and no takers.
Live Cattle futures puttered in place Wednesday, drifting a touch lower, while Feeder Cattle continued to soften amid light trade.
Other than 7¢ higher in spot Apr, Live Cattle futures closed an average of 26¢ lower.
Feeder Cattle futures closed an average of 79¢ lower (22¢ to $1.02 lower).That’s an average of about $1.50 lower in the last two sessions.
Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly fractionally lower.
Soybean futures closed 10¢ to 11¢ lower through Aug ’20 and then 7¢ to 9¢ lower.
Wholesale beef values were firm to higher on good to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 89¢ higher Wednesday afternoon at $224.93/cwt. Select was 58¢ higher at $218.37.