So far, signs point to at least steady prices for negotiated cash fed cattle trade this week.
Although there were too few transactions for a trend, early live sales were mainly steady on Wednesday at $115/cwt. in the Southern Plains and at $116 in Nebraska.
Early in the day, 137 head sold out of the 483 head offered in the weekly Fed Cattle Exchange auction. Two lots from Kansas sold for a weighted average price of $115/cwt.
The outlook for steady cash and recently stronger wholesale beef values helped Cattle futures recover some early ground, following early pressure.
Live Cattle futures closed an average of 44¢ higher, (7¢ to 80¢ higher). Perhaps traders are also starting to account for the higher production cost in the deferred contracts.
Feeder Cattle futures closed narrowly mixed, from an average of 26¢ lower to an average of 24¢ higher.
Wholesale beef values were steady on Choice and weak on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 24¢ higher Wednesday afternoon at $223.53/cwt. Select was 46¢ lower at $209.99.
Corn futures closed 1¢ to 2¢ lower through Jul ‘20 and then mostly 1¢ higher.
Soybean futures closed 10¢ to 16¢ higher through Aug ‘20 and then mostly 4¢ to 9¢ higher.