At the Chicago
Mercantile Exchange, live cattle futures were mixed with a weak undertone pressured
weaker wholesale values and waiting for direction from this week’s cash
trade. Feeder
cattle were also lower on long liquidation. February live cattle closed $.45
higher at $125.42 and April live cattle closed $.30 higher at $126.67. January feeder cattle closed $1.27 lower at
$144.85 and March feeder cattle closed $.50 lower at $144.40.
Direct cash cattle
trade was a virtual standstill bids and asking prices have yet to be
established. There were a handful of
sales reported Monday in Iowa at $194 to $197 dressed – but it certainly isn’t
enough to establish a trend. Look for significant
trade volume to be delayed until sometime Thursday or Friday.
At Midsession at the Oklahoma National Stockyards receipts are
down on the week and up on the year.
Compared to last week, feeder steers are $3 to $5 lower and feeder
heifers are steady to $4 higher. Steer and heifer calves were too lightly tested
for an accurate trend; however a mostly lower undertone is noted. The USDA says demand was moderate to good. So far, there has been an active bidding on
heavier heifers. Quality was average to
attractive for a fair amount of larger lots of long weaned, home raised cattle
on offer. Feeder supply included 68
percent steers and 76 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 653 to 694
pounds brought $144 to $151 and feeder heifers 651 to 692 pounds brought $133
to $138.50.
Boxed beef cutout values closed weak to lower on light to
moderate demand and heavy supply. Choice
closed $.44 lower at $212.02 and Select closed $.81 lower at $205.46. The Choice/Select spread is $6.56. Estimated cattle slaughter is 119,000 head – up 1,000 on the
week and up 3,000 on the year.
Lean hog futures
closed lower as the market faces continued pressure from heavy supplies and wavering
demand. Contracts are at a premium to
cash. February lean hogs closed $.80
lower at $61.85 and April lean hogs closed $.52 lower at $66.82.
Cash hog prices closed sharply higher on light to moderate negotiated purchase totals.
Continue reading Cattle futures drift ahead of cash business at Brownfield Ag News.
