Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. Many expect prices this week to be no worse than steady.
Slaughter steers and heifers sold $1-$2 higher at Sioux Falls Regional in South Dakota on Wednesday. “Packer buyers weren’t keen on pushing the market, especially on steers over 1500 lbs., but did have to pay more to get cattle bought,” explained the AMS reporter.
There were four lots (666 head) offered in the weekly Fed Cattle Exchange auction, and no takers.
Cattle futures rallied on Wednesday, led by Feeder Cattle, amid more active trade and growing Open Interest. It was hard to pin the optimism on a particular factor. Arguably, some support came from traders trying to get in front of a potential trade deal with China—leaders are scheduled to meet tomorrow and Friday.
Live Cattle futures closed an average of 51¢ higher.
Feeder Cattle futures closed an average of $2.40 higher.
Wholesale beef values were higher on Choice and lower on Select with light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.00 higher Wednesday afternoon at $214.60/cwt. Select was 94¢ lower at $186.12.
Corn futures closed mainly unchanged to fractionally lower.
Soybean futures closed 2¢ to 3¢ higher through Nov ’20 and then mostly unchanged to fractionally higher.