At the Chicago
Mercantile Exchange, live cattle ended the day lower, pressured by sharply
lower wholesale values. Feeder cattle
were lower on the same factors. December
live cattle closed $1.10 lower at $119.45 and February contracts closed $1.47
lower at $124.17. January feeders closed
$1.50 lower at $140.87 and March contracts closed $1.50 lower at $141.42.
Direct cash cattle
trade was fairly quiet again. There were
a handful of deals reported in Kansas at $119 to $120 live in addition to a solid
showing at the Fed Cattle Exchange were cattle sold for a weighted average of
just over $118. Asking prices are holding
firm at $121 to $122 live in the South and $195+ dressed in the North. Look for significant trade volume to develop sometime
Thursday or Friday.
At the Philip Livestock Auction in South Dakota, compared to two weeks ago feeder steers under 500 pounds were $2 lower, 500 to 550 pounds were $1 higher, 550 to 650 pounds were steady, and 650 to 700 pounds $4 higher.
Continue reading Cattle futures pressured by drop in wholesale prices at Brownfield Ag News.
