Negotiated cash fed cattle trade developed in the Southern Plains Wednesday at $112/cwt. on a live basis. That was $2 more than the bulk of last week’s trade in the region.
Likewise, there were four lots of heifers (433 head) offered in the weekly Fed Cattle Exchange Auction, for delivery at 1-9 days. Two Kansas lots sold for a weighted average price of $112. The other two lots were passed at $112.25 and $112.75.
Also, there were 237 head of Ch 2-4 steers at the fat auction in Tama, IA—average weight of 1,445 lbs. They sold for a weighted average price of $113.05
Cattle futures rallied strong on Wednesday, supported by stronger cash fed cattle prices and the sharp seasonal uptick in wholesale beef values.
Except for 2¢ higher in expiring October, Live Cattle futures closed an average of $1.24 higher, with increasing open interest and the heaviest trade in a month. Dec closed at the highest level since April at $118.30.
Other than 60¢ higher in nearly spent October, Feeder Cattle futures closed an average of $2.69 higher, with active trade and expanding open interest.
Wholesale beef values were weak on Choice and sharply higher 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 $230.05/cwt. Select was $3.10 higher at $206.67.
Corn futures closed 2¢ to 4¢ higher in the front three contracts, and then mostly fractionally higher.
Soybean futures closed mostly 2¢ lower.