At the Chicago
Mercantile Exchange, live cattle were mostly higher on the stronger cash trade
and ahead of the remaining direct cash business and stronger wholesale values. With the exception of the nearby contract, feeder
cattle were higher on the same factors with additional support from the day’s
move in corn. December live contracts
were unchanged at $119 and February was up $.15 at $124.85. November feeder cattle closed $.02 lower at
$146.77 and January closed $1.35 higher at $145.77.
A light to moderate direct
cash cattle trade was reported. Dressed
deals in the North had a full range of $177 to $182, mostly at $181 to
$182. That’s generally $1 to $2 higher
than last week’s weighted average basis in Nebraska. Business in the South was quiet. Look for asking prices to resume at $116 to
$118 live in the South and $185 to $188 dressed for cattle left on showlists.
At the Sheridan Livestock Auction in Nebraska, receipts are up on the week. Compared to last week’s sale, 450 and 600-pound steers were $7 to $9 higher, 500 to 550-pound steers were $3 to $5 higher. Heifers sold $2 to $4 higher. The offering included big strings and packages of mainly preconditioned bawling calves. Trade was active and demand was good throughout the sale. Feeder supply included 68 percent steers and 24 percent of the offering was over 600 pounds.
Continue reading Strong wholesale values support cattle futures at Brownfield Ag News.
