Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports. There were a few early live sales in the western Corn Belt at $111/cwt.—$1 more than the top of the range for the region last week—but too few to trend.
There were 768 head offered in the weekly Fed Cattle Exchange Auction and no takers.
Cattle futures continued to edge higher, except for a strong bounce in spot Live Cattle, supported by recent cash strength and gains in wholesale beef values.
After $1.35 higher in spot Oct, Live Cattle futures closed an average of 17¢ higher.
Except for 15¢ lower in Nov, Feeder Cattle futures closed an average of 27¢ higher.
Wholesale beef values were steady to firm on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 26¢ higher Wednesday afternoon at $218.28/cwt. Select was 11¢ lower at $191.37.
Corn futures closed mostly fractionally mixed.
Soybean futures closed 3¢ to 6¢ lower through Sep ‘20 and then mostly 1¢ to 2¢ lower.