At the Chicago Mercantile Exchange, live cattle futures were lower in limited activity ahead of widespread direct cash business. Feeder cattle were mixed on limited buying interest, deferred contracts found some support in the days lower move in corn. April live cattle closed $.17 lower at $128.32 and June live cattle closed $.45 lower at $121.12. May feeder cattle closed $1.17 lower at $149.62 and August feeder cattle closed $.07 higher at $159.70.
Direct cash cattle trade is at a standstill. Asking prices are starting around $130 live and $212 dressed. Bids have yet to surface and significant trade volume may be delayed until the last half of the week. However – trade has been getting underway around Wednesday and that trend could continue this week. This week’s Fed Cattle Exchange has an offering over 461 head.
At the Sioux Falls Regional Stockyards
in South Dakota – receipts are up on the week and down on the year. Compared to the best test two weeks ago –
feeder steers were steady to $1 higher, with some instances of $5 to $10 higher
on 600 to 650-pound steers and 800 to 850-pound steers. Feeder heifers were $3 to $8 higher. The USDA says demand was good for all weights
of steers, with the best demand on steers under 900 pounds. Many light-fleshed cattle were offered this
week and were met with strong demand along with many long strings of
backgrounded yearlings in light to moderate plus flesh. Feeder supply included 77 percent steers and
93 percent of the offering was over 600 pounds.
Medium and Large 1 feeder steers 707 to 737 pounds brought $153 to $170
and feeder steers 859 to 891 pounds brought $139 to $144.50. Medium and Large 1 feeder heifers 665 to 694
pounds brought $145.50 to $156.
Boxed beef closed weak to lower on light to moderate demand and offerings. Choice closed $.37 lower at $234.11 and Select closed $1.38 lower at $221.26. The Choice/Select spread is $12.85.
Continue reading Lean hogs lower on disappointing demand at Brownfield Ag News.
