There were only 225 head—two lots of steers—offered in the weekly Fed Cattle Exchange auction on Wednesday and no takers. Likewise, country trade remained undeveloped through the afternoon.
Cattle futures took another step higher on Wednesday, though, building on early-week gains. Besides follow-through support, perhaps some of it was positioning ahead of the monthly Cattle on Feed report due out Friday, and the long holiday weekend ahead.
Live Cattle futures closed an average of $1.49 higher (55¢ higher in spot Jun to $2.15 higher).
Feeder Cattle futures closed an average of $2.01 higher (95¢ higher in spot May to $2.62 higher).
Wholesale beef values were mixed on Wednesday.
Choice boxed beef cutout value was 73¢ higher in the afternoon at $230.08/cwt. Select was 82¢ lower at $205.04. The Choice-Select spread widened to $25.04, the most since last June.
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