Negotiated cash fed cattle trade was $3.00-$4.50 lower on a live basis Wednesday at mostly $121 in Nebraska and at $122.00-$122.50/cwt. in the western Corn Belt. Dressed trade was $3-$8 lower in Nebraska at $191-$192. It was $4-$10 lower in the western Corn Belt at $190-$196.
The majority of cattle—670 out of 863 head—sold in the weekly Fed Cattle Exchange auction for a weighted average price of $120, for delivery at 1-9 days.
Softer cash prices and wholesale beef values, along with continued pessimism about Chinese trade and the slow start to grilling season weighed on Cattle futures Wednesday.
Live Cattle futures closed an average of $1.33 lower.
Feeder Cattle futures closed an average of $1.56 lower.
Wholesale beef values were lower on Choice and sharply lower on Select with light demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 86¢ lower Wednesday afternoon at $223.01/cwt. Select was $4.34 lower at $207.49.
Other than 1¢ higher in the back contracts, Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 2¢ to 3¢ lower.