Live cattle futures also fell Wednesday on lower wholesale beef prices and growing concerns theat heat wave is boosting supplies as animal producers try to avoid overheating animals.
Cattle for August delivery fell 0.9% to $1.096 a pound while feeder cattle fell 0.65 cent, or 0.5%, to $1.349. October cattle was down 1.07 cents, or 0.9%, at $1.153 a pound.
USDA's midday beef price quote for choice grade carcasses was down $1.20 at $179.70 a hundred pounds, and select beef prices were 24 cents lower at $173.26 a hundred pounds. Beef sales were reported at 236 total loads.
Cash cattle sales were reported in Kansas at $1.08 a pound, down from last week's price range from $1.09 to $1.11 a pound. The volume so far was estimated at 20,000 head. Some cattle owners were eager to sell additional animals due to extremely high temperatures which reduce overall performance in the feedlots and can lead to increased death losses.
In Texas, light trading occurred initially at $1.08 a pound then went to mostly $1.085 a pound. Volume was last estimated around 10,000 head. Sales there last week were at mostly $1.11 a pound.
In Nebraska, dressed sales were reported at $1.75 a pound to a regional beef processor and a few to a major packer at $1.74 a pound. In central Nebraska, light sales occurred on a live basis at $1.08 to $1.085 a pound. Sales volume for day is estimated near 10,000 head. Sales there last week were from $1.77 to $1.80, mostly $1.78, a pound dressed, and $1.11 to $1.115 a pound live.
The latest HedgersEdge packer margin index was plus $35.00 a head, compared with $30.60 the previous day. This is an estimate of packer returns on cattle slaughtered and processed expressed in the form of an index.