Negotiated cash fed cattle trade got underway in the Southern Plains Wednesday, with early live sales $3-$5 lower than last week at $115-$117/cwt.
Similarly, slaughter steers and heifers sold $2-$4 lower at Sioux Falls Regional in South Dakota: $117.95/cwt. for Ch 2-3 steers.
Of the 376 head offered in the weekly Fed Cattle exchange Auction, 280 head sold for a weighted average price of $117/cwt. for delivery at 1-9 days.
Stronger Lean Hog futures helped lift Live Cattle futures Wednesday, while Feeder Cattle futures continued to be pressured by higher grain prices.
Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 19¢ higher.
Feeder Cattle futures closed an average of 44¢ lower (7¢ to 60¢ lower).
Wholesale beef values were weak to lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 55¢ lower Wednesday afternoon at $219.57/cwt. Select was 93¢ lower at $208.04.
Corn futures closed mostly 1¢ higher through Jul ’20, and then mostly 2¢ to 3¢ lower.
Soybean futures closed 2¢ to 4¢ higher through Mar ’20 and then mostly fractionally mixed.