Chicago Mercantile Exchange live and feeder cattle futures were higher, oversold after Tuesday’s liquidation and at least a little optimistic about this week’s slow to develop direct cash cattle business.
It was a rather quiet day on Wednesday for direct cash cattle trade. Bids and asking prices still haven’t been established, although an offer of $287 in Nebraska was passed. Significant trade volume is likely to be delayed until Friday.
At the Philip Livestock Auction in South Dakota, feeder steers 350 to 400 pounds sold $10 to $12 lower and feeder steers 550 to 600 pounds were steady to $2 higher compared to the most recent sale.
