Chicago Mercantile Exchange live cattle futures were mixed, watching the distribution of this week’s show list and getting ready for the week’s direct trade, while feeders were pressured by the higher move in corn. February live was down $.07 at $156.82 and April was unchanged at $161.82. January feeders were $.90 lower at $183.10 and March was down $1.35 at $185.40.
Direct cash cattle markets were at a standstill. This week’s show list looks larger in Texas, Kansas, and Nebraska/Colorado. A few asking prices have been reported at $158 live in the south, with no interest yet in the north. Weather could continue to be a big issue in some of the major feeding areas but has eased or will ease this week in other portions of the region. Last week’s trade was mainly at $155 to $156 for the live basis, steady to $1 higher than the week before that, and at mostly $249 dressed, up $1. Trade volume and formula totals were all down on the week.
Boxed beef closed firm to sharply higher with light to moderate movement. Choice gained $8.09 to $280.04 and Select beef was up $.17 at $245.64. The estimated cattle slaughter of 128,000 head was up 4,000 on the week and 7,000 on the year.
Click here to see more...