Cash fed cattle were mostly steady with last week. Live trade in Texas and Kansas was called at $120-$121/cwt and $121/cwt, respectively. In Nebraska, live and dressed sales were at $119-$121.50/cwt and $187-$188/cwt, respectively. Feeder steers in Oklahoma City were steady to $3/cwt lower and feeder heifers were steady to $2/cwt higher. Calves in OKC were steady. In Mississippi markets, feeder steers were called steady and heifers sold mixed. Slaughter cows were $1-$2/cwt lower and bulls were steady.
Live cattle futures were lower for the remaining 2012 contracts but higher after that. Higher corn prices and lackluster outside market news pressured early in the week. Some moderate recovery took place to close the week out.
Corn futures started the week higher but better than expected projected yields from ProFarmer’s annual crop tour. Better than expected does not mean good yields. The published yield was between 120 and 121 bushels per acre which is lower than the most recent USDA crop report.
Beef prices cooled this week compared to the past few. Prices were mostly steady throughout the week, which held the average above the previous week. Choice wholesale finished with a weekly average of $193.47/cwt, up $3.25. Select beef averaged $184.77/cwt, up $2.05.