Negotiated cash fed cattle trade was mostly light on light to moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, prices are $1 lower in the Southern Plains on a live basis at mostly $104/cwt., $2 lower in Nebraska at $103 and $1-$4 lower in the western Corn Belt at $103. Dressed sales are $3-$5 lower at $162-$164.
Cattle feeders offered 436 head in the weekly Fed Cattle Exchange Auction on Wednesday, three lots from the Southern Plains. Of those, 365 head–two lots–sold for a weighted average price of $103/cwt.–218 head for 1-9 day delivery and 147 head for delivery at 1-17 days.
Cattle futures sagged lower, pressured by softer cash prices and the beginning of seasonally lower wholesale beef values.
Live Cattle futures closed an average of 65¢ lower.
Except for 50¢ higher in the back contract, Feeder Cattle futures closed an average of $1 lower, from 55¢ lower to $1.42 lower in spot Sep.
Choice boxed beef cutout value was 76¢ lower Wednesday afternoon at $227.58/cwt. Select was 93¢ lower at $213.82.
Corn futures closed mostly 1¢ higher.
Soybean futures closed mostly 7¢ to 8¢ higher.