Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. Depending on the snugness of packer inventories, odds appear to favor at least steady money.
There were only 528 head offered in the weekly Fed Cattle Exchange auction. No takers.
Cattle futures continued to putter along, holding on to most of last week’s gains, closing narrowly mixed to a touch lower and awaiting cash direction.
Live Cattle futures closed unchanged to an average of 10¢ lower.
Feeder Cattle futures closed from 42¢ lower to 50¢ higher.
Wholesale beef values were lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.04 lower Wednesday afternoon at $204.25/cwt. Select was $1.29 lower at $194.18.
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