At the Chicago Mercantile Exchange, cattle futures were mixed to mostly higher ahead of widespread direct cash business, position squaring ahead of the cattle inventory report, and support from steady wholesale values during the session. Concerns about the potential for another round of winter weather is also helping support the higher prices. The day’s lower move in corn was also supportive to the firm feeder cattle business.
April live cattle
were unchanged at $129.92 and Jun live cattle closed $.10 higher at
$120.15. March feeder cattle closed $.42
higher at $143.87 and April feeder cattle closed $.45 higher at $147.22.
Direct cash cattle trade had started to improve around midday, but finished the afternoon at a virtual standstill. There are scattered bids on the table at $125 live and $202 dressed. Asking prices are holding firm at $130 live and $205 to $206 dressed. The distance between the two will likely push significant trade volume until the end of the week.
At the Huss-Platte
Valley Auction in Nebraska, receipts are up on the week and down on the
year. Compared to the most recent sale
steers were steady to $3 lower and heifers were unevenly steady. The USDA says demand was moderate to good
from a light crowd of buyers than normal.
The colder than normal weather continues to create some challenges each
week for sales and some consignments were cancelled. Feeder supply included 70 percent steers and
93 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 700 to 737 pounds brought $147 to
$154.75 and feeder steers 852 to 890 pounds brought $137.25 to $142.34. Medium and Large 1 feeder heifers 613 to 643
pounds brought $140 to $155.25 and feeder heifers 717 to 747 brought $134.50 to
$137.
Boxed beef closed steady on Choice and lower on Select on light
to moderate demand and offerings. Choice
is $.21 lower at $219.46 and Select is $.94 lower at $212.79. Estimated cattle slaughter is 119,000 head – up 11,000 on
the week and 2,000 on the year.
Lean hog futures ended
the day mixed on spread trade and oversold signals.
Continue reading Cattle futures mixed ahead of inventory report at Brownfield Ag News.
