Negotiated cash fed cattle prices took on a firmer feel Wednesday.
There were 1,229 head offered in the weekly Fed Cattle Exchange auction. Of those, 281 head—two lots in the Southern Plains—sold for a weighted average price of $101.13/cwt., for delivery at 1-9 days. That’s $1-$2 more than negotiated trade in the region last week.
Slaughter steers and heifers sold $3-$5 higher at Sioux Falls Regional in South Dakota. Choice 2-3 steers (319 head) averaged $103.40. Country trade in the region last week was at $101-$102.
Likewise, steers and heifers sold $4-$5 higher at the fat auction in Tama, IA. Choice 2-4 steers (197 head) averaged $107.54.
That helped Cattle futures close higher, despite continued erosion in wholesale beef values.
Except for an average of 10¢ lower in the back two contracts, Live Cattle futures closed an average of 59¢ higher.
Feeder Cattle futures closed an average of 76¢ higher.
Wholesale beef values were lower on light demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.53 lower Wednesday afternoon at $218.24/cwt. Select was $1.94 lower at $191.97.
Corn futures closed 2¢ to 3¢ higher through the front three contracts and then mostly fractionally higher.
Soybean futures closed mostly 4¢ lower.