Cash fed cattle trade on Wednesday—light trade and moderate demand—recovered the scant ground lost earlier in the week. Live prices were steady to $1 higher than last week at $120.00 to $120.50/cwt. Dressed trade was steady at $190.
Earlier in the day, sellers passed on bids of $119-$120 in the weekly Fed Cattle Exchange Auction. There were 955 head (six lots) offered for delivery at 1-9 days.
Steady to higher fed cattle prices, supported by follow-through buying helped lift Cattle futures for the second consecutive session.
Live Cattle futures closed an average 96¢ higher (72¢ to $1.42 higher).
Except for 35¢ higher in the back contract, Feeder Cattle futures closed an average of $1.27 higher ($1.10 to $1.45 higher).
Choice boxed beef cutout value was 38¢ higher Wednesday afternoon at $209.01/cwt. Select was 1¢ lower at $188.64.
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