Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.
Choice 2-4 steers (172 head) weighing an average of 1,380 lbs. brought an average of $102.84/cwt. at the fat auction in Tama, IA. At Sioux Falls Regional, in South Dakota, though, 365 head of Choice 2-4 steers weighing an average 1,455 lbs. brought an average of $99.68.
There were 636 head offered in the weekly Fed Cattle Exchange Auction. No sales, but two lots—a pen each of steers and heifers—were passed out at $99.
Cattle futures continued to rally, extending gains from the previous session and lifting hopes that markets carved out a bottom on Monday.
Live Cattle futures closed an average of $1.80 higher ($1.55 to $2.40 higher). That’s an average of $3.67 higher in the last two sessions.
Feeder Cattle futures closed an average of $2.46 higher, making for an average increase of $3.78 over the last two days.
Wholesale beef values were sharply lower on light demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $5.49 lower Wednesday afternoon at $219.89/cwt. Select was $2.58 lower at $198.40.
Grain futures traded lower on apparent profit taking Wednesday.
Corn futures closed mainly fractionally lower to 1¢ lower.
Soybean futures closed 4¢ to 5¢ lower through Sep ’20 and then mostly 1¢ to 2¢ lower.