Cash fed cattle were higher. Live trade in Texas and Kansas was called at $123/cwt on moderate trade. Live trade was similar in Nebraska at $123/cwt on Thursday; dressed cattle were steady with last week at $190/cwt. Heavy feeder steers and heifers in Oklahoma City were steady to $2/cwt higher, while lighter weight feeders were #3-#5/cwt higher. In Mississippi markets, feeder steers and heifers were called steady. Slaughter cows were $1-$3/cwt higher and bulls were steady.
Live cattle futures were higher this week after surging on Wednesday. The sharp increase on Wednesday was met with some resistance before the close and finished off the highs on the day. Tight supply concerns and news that packers were looking to increase purchases spurred the positive tone to the market on Wednesday. The two days before saw mostly steady trade and the week ended with contracts trending slightly higher.
Corn futures were mostly steady this week. Futures were pressured early by weakness in the export market. High prices have and should continue to create push back from end users. The uncertainty surrounding Isaac mid-week provided a positive tone to the market. Expectations that the rain would delay harvest and the wind might blow stalks over or shake loose brittle ears was the general reasoning that led to higher prices.
Beef prices declined marginally each day this week which culminated in a loss of $2.42/cwt and $3.86/cwt for Choice and Select carcasses, respectively. Choice wholesale beef finished with a weekly average of $191.05/cwt and Select finished at $180.91/cwt.