Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.
Live trade in the Southern Plains was $1 lower at $108/cwt. Dressed trades were $1 lower in Nebraska at $169. Elsewhere, trade was limited on light demand.
Cattle feeders offered 774 head in the weekly Fed Cattle Exchange auction. Of those, 671 head (four lots) from the Southern Plains sold: 304 head for a weighted average price of $108/cwt. for delivery at 1-9 days; 367 head at $108.25 for delivery at 1-17 days. That was $1 lower than country trade in the region last week.
Similarly, Choice steers and heifers sold 50¢ to $1.00 lower at the fat auction in Tama, IA. There were 171 head of Choice 2-4 steers weighing an average of 1,423 lbs. selling for an average price of $107.40. That was a touch softer than the top of last week’s negotiated range.
Slaughter steers and heifers sold mainly $2-$3 lower at Sioux Falls Regional in South Dakota. There were 330 head of Choice 2-3 steers weighing an average of 1,472 lbs. bringing an average price of $104.71/cwt.
Cattle futures tottered back lower on Wednesday with pressure including the softer cash price outlook and stagnant wholesale beef values.
Live Cattle futures closed an average of 47¢ lower.
Feeder Cattle futures closed an average of 43¢ lower (2¢ to 90¢ lower), except for 25¢ higher in spot Oct.
Choice boxed beef cutout value was $1.30 lower Wednesday afternoon at $211.14/cwt. Select was 81¢ lower at $199.27.
Exports to China continue adding heft to grain markets. Yesterday, for instance, USDA’s Foreign Agricultural Service reported sales of another 420,000 metric tons of corn and 264,000 metric tons of soybeans to China for delivery in the 2020-21 marketing year that began Sept. 1.
Corn futures closed 2¢ to 5¢ higher through the front three contracts and then mostly 1¢ lower.
Soybean futures closed mostly 3¢ to 12¢ higher through Aug ’21 and then mostly fractionally lower to 1¢ lower.