Feedlot country remained untested on Wednesday afternoon with just a few starter bids scattered around the feeding area at 129.00 live in the South and 206.00 in the North. Asking prices are firm at 134.00 in the South and 210.00 to 212.00 in the North. Significant trade volume will be delayed until Thursday or Friday. The slaughter was estimated at 122,000 head, 1,000 less than last week and 1,000 more than 2012.
Boxed beef cutout values were firm on the choice and lower on select on moderate demand and light to moderate offerings. Choice boxed beef was up .49 at 202.61, and select was down .91 at 197.10.
Live cattle contracts on the Chicago mercantile Exchange settled unchanged to 80 points higher. The bounce higher in choice beef at midweek seemed to create some stability in the market. The losses in hog futures had an effect on overall buying interest through the cattle complex. December settled .22 higher at 131.90, and February was up .15 at 132.80.
Feeder cattle ended the session mostly 2 to 25 higher. The early weakness in live cattle futures and rising corn prices affected the nearby feeder cattle futures. Deferred futures held onto moderate gains with expected support through the end of 2014. Trade volume remained subdued as the majority of traders watched for additional direction from outside markets. January settled .12 higher at 165.67, and March was up .02 at 165.50.