Wednesday markets
Cattle markets moved higher today, with higher futures and cash prices.
Live cattle futures were higher. The February contract gained 82 cents to close at $141.12, and the April contract gained $1.52 to close at $146.90.
There was a large amount of cash trade today, with 36,796 head sold. Live steers traded from $139-142, and dressed steers traded from $220-224.
“Eager trading activity lately may be both a medium-term reaction to this week’s Cattle Inventory report that showed a diminished U.S. herd, and a short-term reaction to the healthy slaughter pace packers are maintaining,” remarked Elaine Kub, DTN contributing analyst.
Slaughter for the day is estimated at 121,000 head, bringing the week’s total to 362,000 head, several thousand head above the same time last week.
Boxed beef prices were slightly lower on 130 loads. The Choice cutout lost $2.29 to close at $283.15, and the Select cutout lost 65 cents to close at $279.57.
Feeder cattle
Feeder cattle futures had another day of several-dollar gains. The March contract increased $3.17 to close at $166.87, and the April contract gained $2.67 to close at $171.82. The CME Feeder Cattle Index gained 16 cents to close at $158.93.
Corn futures were down, with the March contract down 12 cents to $6.22 and the May contract down 11 cents, also to $6.22.
“Winter weather is moving though cattle feeding country in Kansas and the Texas panhandle today, but is not impacting production, though the moisture is welcome,” said Cassie Fish, market analyst, in The Beef.
Nebraska: Bassett Livestock Auction sold 2,985 head on Wednesday. Compared to a week earlier, 500 lb. steers traded $3 lower, and 750 lb. steers sold $9 higher. Heifers averaging 450 lbs. traded $16 higher, and 550-650 lbs. sold steady to $6 higher. Benchmark steers averaging 759 lbs. sold between $167.50-179, averaging $176.21. — Anna Miller, WLJ managing editor
