At the Chicago
Mercantile Exchange, live cattle futures were mostly higher in a narrow range
ahead of widespread direct cash business and firm wholesale values during the
session. Feeder cattle futures found
some support in the day’s lower move in corn.
February live cattle closed $.20 lower at $125.35 and April live cattle
closed $.02 lower at $126.47. January
feeder cattle closed $.75 higher at $143.77 and March feeder cattle closed $.67
higher at $144.32.
Direct cash cattle
trade activity is overall pretty quiet.
There were a handful of sales reported in Iowa at $195 to $196
dressed. Asking prices are holding firm
at $126 to $127 live and $200 to $203 dressed.
The distance between the two will likely delay significant trade volume
until late in the day on Friday.
At the Bassett
Livestock Auction in Nebraska, receipts are up on the week and the year. Compared with the last sale 500 to 750-pound
steers were steady to as much as $11 higher, heifers 500 to 650 pounds were
unevenly steady. The USDA says demand
was good for all offerings with a high internet bidding on 700-pound
steers. Feeder supply included 68
percent steers. Medium and Large 1 feeder
steers 601 to 649 pounds brought $166.00 to $181 pounds and feeder steers 651
to 695 pounds brought $156.50 to $167.25.
Medium and Large 1 feeder heifers 554 to 596 pounds brought $147 to
$151.75 and feeder heifers 604 to 638 pounds brought $140 to $152.85.
Boxed beef cutout values closed steady to firm on moderate
demand and offerings. Choice closed $.54
higher at $217.75 and Select closed $.10 higher at $212.14. The Choice/Select spread closed at $5.61. Estimated cattle slaughter is 116,000 head – down 5,000 on
the week and the year.
Lean hog futures
closed lower pressured by the sharply lower cash trade during the session and
lower wholesale values. Demand uncertainties
remain a concern and contracts are at a premium to cash. February lean hogs closed $.95 lower at
$59.82 and April lean hogs closed $1.35 lower at $63.50.
Cash hogs closed lower with moderate negotiated purchase totals.
Continue reading Cattle futures supported by higher boxed beef at Brownfield Ag News.
