At the Chicago Mercantile Exchange, live cattle futures closed higher as contracts were oversold and due for a bounce. Feeder cattle futures closed higher on the same factors plus some focus on long-term demand potential. June live cattle closed $.80 higher at $110.47 and August live cattle closed $.97 higher at $107.95. August feeder cattle closed $1.05 higher at $143.32 and September feeder cattle closed $1.00 higher at $144.22. A light to moderate direct cash cattle trade took place in the North at $184 to $186 dressed – mostly $185. That’s a $7 decline from last week’s weighted average basis in Nebraska. We also saw some deals at $114 to $117 live – about steady with Wednesday’s business – but still $3 lower than last week’s weighted averages. Business on Friday will likely be limited to clean-up deals.
Continue reading Cattle, hog futures higher on demand expectations at Brownfield Ag News.
