Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but early indications were positive.
Choice steers and heifers sold $1.75-$2.00 higher at the fat auction in Tama, IA. There were 192 head of Ch 2-4 steers weighing an average of 1,455 lbs. that brought an average price of $116.28/cwt. That was $2-$3 higher than last week’s country trade in the region.
Likewise, slaughter steers and heifers traded $1-$2 higher at Sioux Falls Regional in South Dakota. There were 348 head of Ch 2-3 steers weighing an average of 1,468 lbs. and bringing an average price of $113.03.
Only 547 head were offered in Wednesday’s weekly Fed Cattle Exchange auction, and no takers. There were two heifer lots from the Southern Plains passed on with bids of $114/cwt. and $113.
Cattle futures softened, though, likely with some defensiveness ahead of the Goldman Roll, when the Goldman Sachs Commodity Index rolls its futures holdings forward from the expiring month.
Live Cattle futures closed an average of 57¢ lower, except for 2¢ higher in near Feb.
Feeder Cattle futures closed an average of $1.03 lower (67¢ to $1.35 lower).
Wholesale beef values were firm on moderate to good demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.09 higher Wednesday afternoon at $237.14/cwt. Select was $1.71 higher at $211.53.
Corn futures closed 2¢ to 4¢ lower through Sep ’20 and then mostly unchanged to fractionally lower.
Soybean futures closed 3¢ to 6¢ lower across most of the board.