Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, but early indications appeared positive.
For instance, 264 head of Choice 2-4 steers weighing an average of 1,402 lbs. brought an average of $108.16/cwt. at the fat auction in Tama, IA. Country trade in the region last week was at $104-$106.
At Sioux Falls Regional in South Dakota, slaughter steers and heifers sold $2-$4 higher than a week earlier, with instances of up to $5 higher. One example: 330 head of Choice 2-3 steers weighing an average of 1,467 lbs. brought an average of $103.84.
There were only 846 head offered in the weekly Fed Cattle Exchange auction, and no takers.
Cattle futures recovered the majority of the previous session’s decline, helped along by lower Corn futures and the firmer feel to cash prices.
Live Cattle futures closed an average of 79¢ higher.
Except for 27¢ higher in the back contract, Feeder Cattle futures closed an average of 96¢ higher.
Wholesale beef values were weak on Choice and steady on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 50¢ lower Wednesday afternoon at $212.97/cwt. Select was 15¢ lower at $185.90.
Corn futures closed mostly 2¢ to 4¢ lower.
Soybean futures closed 1¢ to 5¢ lower through May ’20 and then mostly 1¢ to 4¢ higher.