Cash fed cattle prices continued to tick lower on Wednesday at $115/cwt. in the Southern Plains, which was $7 less than last week. The same price and week-to-week decline defined trade in Nebraska a day earlier.
There were 2,586 head offered in the weekly Fed Cattle Exchange auction, but no takers.
Cattle futures continued lower, perhaps partly due to technical positioning, but there was at least a sense of trying to find some stable ground.
Other than 47¢ and 15¢ lower in the back two contracts, Live Cattle futures closed an average of 91¢ lower.
Feeder Cattle futures closed an average of $1.07 lower (45¢ to $1.72 lower).
Choice boxed beef cutout value was 61¢ lower Wednesday afternoon at $231.03/cwt. Select was $1.01 lower at $208.50. Select and Choice rib cuts sold steady to firm, while chuck, round, and loin cuts traded steady to weak, according to the Agricultural Marketing Service. Beef trimmings traded mostly sharply lower on light demand and heavy offerings.
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