Negotiated cash fed cattle prices bounced higher in some areas Wednesday, although the wide spread continues.
Live prices in the Southern Plains were mostly $5 higher than the previous week at mainly $110/cwt.
Dressed sales in the western Corn Belt were mainly $20-$30 higher than the previous week at mostly $180.
Prices in Nebraska were mostly steady at $95 on a live basis and at mostly $150 in the beef.
Cattle feeders offered 5,119 head in the weekly Fed Cattle Exchange auction on Wednesday. Of those, 679 head sold for a weighted average price of $95.05/cwt.; all from the Southern Plains and for delivery at 1-17 days.
Higher cash prices and growing optimism about packing capacity moving beyond an established low point lifted Cattle futures mostly limit higher on Wednesday.
Live Cattle futures closed an average of $2.93 higher, limit up through the front six contracts.
Feeder Cattle futures closed from an average of $4.33 higher, limit up $4.50 in the front five contracts.
Wholesale beef values took yet another step higher. Choice boxed beef cutout value was $20.19 higher Wednesday afternoon at a $449.18/cwt. Select was $21.25 higher at $431.96.
Corn futures closed 1¢ to 3¢ lower.
Soybean futures closed mostly 7¢ to 10¢ lower.