Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon. Live prices were steady with last week at $110/cwt., according to the Agricultural Marketing Service. There were also a few live trades at $110 in Nebraska and a few at $106 in the western Corn Belt but too few to trend in either region. Last week, live prices were at $110 in Nebraska and at $108-$110 in the western Corn Belt. Dressed prices were at $172.
Cattle feeders offered 930 head in the weekly Fed Cattle Exchange Auction—all from Texas. They sold 543 head for a weighted average price of $110.25 for delivery at both 1-9 days and 1-17 days. That price was steady with country trade in the region last week and so far this week.
Cattle futures closed lower Wednesday, pressured by higher grain prices and the steady rather than higher cash prices so far this week. Perhaps there was also some positioning ahead of Friday’s monthly Cattle on Feed report.
Live Cattle futures closed an average of 80¢ lower, from 42¢ to $1.15 lower.
Feeder Cattle futures closed an average of $1.60 lower, from 35¢ lower in spot Nov to $2.42 lower.
Choice boxed beef cutout value was $2.12 higher Wednesday afternoon at $235.84/cwt. Select was 34¢ lower at $213.62.
Corn futures closed 3¢ to 5¢ higher through Sep ’21 and then mostly 1¢ higher.
Soybean futures closed mostly 5¢ to 7¢ higher through Sep ‘22 and then mostly 3¢ higher.