Wednesday markets
Cattle futures closed mostly lower in a volatile day after traders were trying to regroup after yesterday’s losses.
Live cattle futures were mixed, with the August contract down 60 cents to $241.82 and the October contract 7 cents higher to close at $236.72.
Cash trade was moderate, with 7,210 head sold. Live steers sold from $252-255, and dressed steers sold between $400-403.50. On the formula side, 24,600 head averaging 939 lbs. sold for an average of $412.08.
“After early bids in eastern Nebraska below $400/cwt dressed, a little trade is now developing at $403, $4/cwt cheaper than last week,” Cassie Fish, market analyst, wrote in The Beef. “So far, nothing is trading. Last week’s cash market in the South was $258. With sloppy cash and a green board, a basis correction is underway.”
Today’s slaughter is estimated to be 110,000 head, 2,000 head above last week.
Boxed beef prices were lower on 113 loads, with the Choice cutout down $1.90 to $391.26 and the Select cutout $1.99 lower to $369.69.
Feeder cattle
Feeder cattle futures closed slightly lower, with the August contract down 45 cents to $364.15 and the September contract 35 cents lower to $362.17.
The CME Feeder Cattle Index was $3 lower to $377.40.
Corn futures closed higher, with the July contract up 8 cents to $4.21 and the September contract 6 cents higher to $4.22.
Utah: Producers Livestock in Salina sold 458 head on Tuesday. Due to a lack of comparable sales, an accurate trend could not be provided. A group of benchmark steers averaging 758 lbs. sold for $360. — Charles Wallace, WLJ contributing editor
