At the Chicago
Mercantile Exchange, cattle futures closed mixed, mostly higher, with nearby
contracts under pressure with position squaring ahead of the Cattle on Feeder report,
but the higher cash trade did help to support markets. Concerns about quality and feedlot conditions
are adding pressure to prices. April live
cattle closed $.22 lower at $126.92 and June live cattle closed $.07 lower at
$122.37. April feeder cattle closed $.35
lower at $145.32 and May feeder cattle closed $.06 lower at $150.60.
A light to moderate direct cash cattle is being reported in
parts of cattle country. Deals in Kansas
and Texas were at $126 live. There have
been scattered bids in other areas that ranged from $126 to $127 live and $204
dressed. Asking prices are firm at $128
to $130 live and $208-plus dressed. Look
for trade to finish up before the end of the day Thursday.
At the Bassett Livestock
Auction in Nebraska – receipts are down from two weeks ago. Compared to two weeks ago, 600-pound steers
were $11 higher and feeder steers over 650 pounds were $4 to $6 higher. Feeder heifers 600 to 650 pounds were $7 to
$12 higher. The USDA says demand was
good with several buyers and out-of-state bidders. Feeder supply included 64 percent steers and
72 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 601 to 626 pounds brought $180.75 to
$192 and feeder steers 705 to 746 pounds brought $156 to $168.25. Medium and Large 1 feeder heifers 556 to 595
pounds brought $156.50 to $168.25 and feeder heifers 654 to 695 pounds brought
$148 to $159.75.
Boxed beef closed mixed – firm on Choice and lower on Select
on light to moderate demand and heavy offerings. Choice closed $.71 higher at $232.76 and
Select closed $.99 lower at $220.16. The
Choice/Select spread closed at $12.60. Estimated cattle slaughter is 121,000 head – that’s up 1,000
on the week and 1,000 on the year.
Nearby lean hog
futures closed lower on spread trade. Strong
wholesale values and demand optimism were supportive factors in the deferred
contracts today. May lean hogs closed
$.05 lower at $88.92 and June lean hogs closed $1.00 lower at $96.12.
Cash hogs closed steady to weak with moderate negotiated purchase totals.
Continue reading Cattle futures mixed ahead of Cattle on Feed report at Brownfield Ag News.
