Negotiated cash fed cattle trade was slow on light demand in all major regions through Tuesday afternoon, according to the Agricultural Marketing Service. A few dressed sales in Nebraska traded at $203/cwt.
Last week, live prices were at $122-$123/cwt. in the Southern Plains at $123/cwt. Live and dressed sales were at $128 and $202-$208, respectively, in Nebraska and the western Corn Belt.
The Choice boxed beef cutout value was $3.66 lower Wednesday afternoon at $338.45/cwt. Select was $4.46 lower at $307.57.
Likely short covering helped Cattle futures regain some recently lost ground Wednesday. Further erosion in grain futures, tied to Hurricane Ida impacts, also helped Feeder Cattle futures.
Feeder Cattle futures closed an average of $1.11 higher (30¢ to $1.53), except for 7¢ lower in spot Sep.
Live Cattle futures closed an average of 43¢ higher, except for an average of 43¢ lower in the back two contracts.
Grain futures continued to fall Wednesday beneath the weight of export shipping disruptions wrought by Hurricane Ida.
Corn futures closed 10¢ to 18¢ lower through new-crop contracts and then mostly 2¢ to 4¢ lower.
Soybean futures closed 9¢ to 21¢ lower through new-crop contracts and then mostly 6¢ to 9¢ lower.