Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service (AMS). Elsewhere, it was mostly inactive on very light demand.
If the weekly Fed Cattle Exchange Auction is any indication, prices could end up significantly higher this week. There were 1,119 head offered (six lots) and none sold. However, three lots from the Southern Plains were passed on at $110/cwt., which was $3 higher than last week’s country trade in the region.
As well, slaughter steers sold $3-$6 higher and fat heifers traded $2 higher at Sioux Falls Regional in South Dakota. There were 502 head of Choice 3-4 steers weighing an average of 1,627 lbs. that brought an average of $107.23, which was $1-$2 higher than the previous week’s country trade.
Cattle futures closed narrowly mixed Wednesday.
Live Cattle futures closed an average of 35¢ higher, from 12¢ to 80¢ higher, except for 2¢ lower toward the back.
Feeder Cattle futures closed narrowly mixed, from an average of 22¢ lower to an average of 38¢ higher.
Choice boxed beef cutout value was 59¢ higher Wednesday afternoon at $222.84/cwt. Select was 9¢ lower at $208.46.
Corn futures closed mostly 2¢ to 5¢ lower through Sept ‘21, and then fractionally lower to 1¢ lower.
Soybean futures closed mostly 6¢ to 10¢ higher.