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| | Cattle Analysis
Live cattle futures ended Wednesday at an eight-week high on continued firmness in cash markets amid carryover technical strength from Tuesday's rally and strengthening cash fundamentals. Feedlot operators appear to be gaining ground against the packers, with bids for slaughter-ready steers around $124.00 in the Texas and Oklahoma markets and $126.00 in Nebraska. Live steers averaged $124.39 last week. Wholesale beef prices are also trending higher despite early weakness Wednesday. Choice cutout values fell $1.41 early Wednesday to $283.35, down from a the nearly three-week high reached Tuesday. Movement totaled about 93 loads by midday. Feeder cattle came under pressure from a rally in corn futures, which reached the highest levels since mid-August Wednesday.
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