Negotiated cash fed cattle trade developed in the Southern Plains Wednesday at $116/cwt., which was $1 higher than last week.
That matched optimism in the weekly Fed Cattle Exchange Auction, where 1,229 head—three lots each from Kansas and Nebraska—sold out of 1,398 head: 283 head for a weighted average price of $116/cwt. (delivery at 1-9 days) and 946 head for a weighted average price of $115.44 (delivery at 1-17 days). One other lot of Texas heifers was passed at $114.50 for delivery at 1-9 days.
Although too few to trend, there were also some early sales in Nebraska Wednesday at $114-$116 and some in the beef at $184, which was $2 higher than the previous week. Early live sales in the western Corn Belt were steady to $2 higher at $115-$117.
Cattle futures were mixed Wednesday, mainly higher toward the front of the board for Live Cattle, but lower for Feeder Cattle, perhaps with defensive positioning ahead of Friday’s Cattle on Feed report (see below).
Live Cattle futures closed narrowly mixed from an average of 27¢ lower to an average of 21¢ higher.
After unchanged and 5¢ higher in the front two contracts, Feeder Cattle futures closed an average of 41¢ lower.
Wholesale beef values were weak to lower on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 80¢ lower Wednesday afternoon at $238.21/cwt. Select was 70¢ lower at $214.77.
Corn futures closed mostly 1¢ to 3¢ lower.
Soybean futures closed 1¢ to 6¢ lower through Nov ’20 and then 1¢ to 2¢ higher.