Very few bids were posted, none in the first half of the week, and those that surfaced later on were in the area of $122 live in the South Plains, and $192-194 in the Corn Belt with no takers. Asking prices were generally $126 live in the South Plains and $197-200 dressed in the Corn Belt.
Surprisingly high cash fed cattle trade developed Wednesday last week. Cattle were selling $196-197 dressed and $126-127 live in the Corn Belt and in some portions of the South Plains. Colorado didn’t sell any cattle that day and Nebraska and Iowa sold lightly at $124-126 live and $194-195 dressed.
The September World Agricultural Supply and Demand Estimates (WASDE) report came out Wednesday, Sept. 12. This report held some surprises in corn, though the surprises were mostly in that the estimates varied so much from, and were so much stronger than, pre-report industry expectations.
U.S. pork exports in July were slightly lower than a year ago while beef exports dipped moderately in volume, achieving their largest monthly total of 2012 while holding steady in value. These results are based on statistics released by USDA and compiled by the U.
USDA has forecast agriculture exports to reach a record $143.5 billion in the 2013 fiscal year, with strong demand from Canada, Europe and Japan, according to The Outlook for US Agricultural Trade released Aug. 31 by the USDA’s Economic Research Service (ERS) and Foreign Agricultural Service.
No relevant trade developed last week up to midday Thursday. Bids of $120 live surfaced in Texas on Wednesday, but no trade developed as cattle feeders stuck to their offers of $125-126 live and $193-194 dressed. Trade was expected to crop up late in the week at steady to higher prices compared to the prior week’s $122-123 live and $188-190 dressed.
No real market trend was evident in the cash fed cattle trade by midday Thursday last week. Bids trailed asking prices by $2-3. Offers of $122- 123 live were seen in the South Plains and $188-190 dressed in the Corn Belt, with some even as high as $192.
The most recent Cold Storage report shows stocks of total red meat and poultry in cold storage as of July 31 at 2.24 billion pounds (bp). Of that, beef represented roughly 20 percent at 455.74 million pounds (mp). When compared to the previous report, beef in cold storage dropped 3 percent but increased in its portion of overall red meat storage.
Cash fed cattle markets were slow to develop last week with minimal activity occurring through Thursday morning. Not enough trade occurred in the first half of the week to establish an accurate market test. Expectations existed of serious trade developing on later Thursday and Friday at $1-2 above the prior week’s levels.
The August USDA World Agricultural Supply and Demand Estimates (WASDE) report came out Friday, Aug. 10. The report showed beef production up compared to prior projections, but still down compared to prior years. It also predicted the U.S. will become a net importer of beef by 2013.