Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but early trades hinted at steady to higher money.
Although too few to trend, early live sales were reported at $109/cwt. in the Southern Plains and Nebraska. That was $1 higher in the south and steady with the lower end of last week’s range in Nebraska.
Likewise, one lot (131 head) of heifers in Texas sold for a weighted average price of $109, for delivery at 1-9 days, in the weekly Fed Cattle Exchange auction. There was only one other lot in the sale, which was passed on at $105.
Choice 2-4 steers (308 head) and averaging 1,414 lbs. sold for an average of $112.83 at the fat auction in Tama, IA. That was $1 higher than the top of last week’s country trade.
Cattle futures took a step higher Wednesday, supported by the seasonal surge in wholesale beef values and the previous day’s Cold Storage report.
Except for 32¢ higher in spot Oct, Live Cattle futures closed an average of $1.09 higher.
Feeder Cattle futures closed an average of $1.35 higher.
Wholesale beef values were sharply higher on Choice and higher on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.35 higher Wednesday afternoon at $223.28/cwt. Select was 86¢ higher at $198.94.
Corn futures closed unchanged to fractionally lower.
Soybean futures closed mostly fractionally lower.