At the Chicago
Mercantile Exchange, live cattle futures closed lower on profit taking and the
lack of direction in the cash trade.
Feeder cattle futures were lower on the same factors with additional
pressure from the days higher move in corn.
August live cattle closed $.50 lower at $107.62 and October live cattle
closed $.32 lower at $108.97. August
feeder cattle closed $.52 lower at $142.35 and September feeder cattle closed
$.27 lower at $142.85.
Direct cash cattle
trade activity was at a standstill. Bids
were at $180 dressed in Nebraska. Asking
prices are at $113 to $114 live and $184+ dressed. While packer inquiry is expected to improve,
significant trade volume isn’t expected until sometime Thursday or Friday.
At the Hub City Livestock Auction in South Dakota, receipts are up on the week and almost steady on the year.