Cash fed cattle were higher although trade was slow through Friday afternoon. Movement of cash cattle was too slow to call a trend in specific feeding regions, while the five-area live and dressed prices were, respectively, $2.27/cwt and $0.72/cwt higher at $121.80 and $189.48. No sale on Monday in Oklahoma City due the Labor Day holiday. In Mississippi markets, feeder steers were called at $1-$4/cwt higher and heifers were called $1-$5/cwt higher. Slaughter cows and bulls sold steady.
Live cattle futures were mostly steady this holiday shortened week. The slow cash trade did not provide any direction for a market in the midst of a breather. The post Labor Day lull and pre-supply/demand report push likely had many traders (both hedgers out in the field and speculators) sitting on the sideline. A weaker than expected jobs report on Friday did not pull on prices like in the past.
Corn futures mimicked cattle in having a mild and steady four day week. New crop prices slid a bit early on as traders continued to remove the “hurricane premium” that was added in advance of Isaac since the storm did less damage than initially expected. Prices pushed higher Thursday as wheat prices took off but little other news filtered in on the week.
The record sure seems to be broken…Beef prices held mostly steady with last week’s average. Choice boxed beef averaged $190.97/cwt, down $0.08 and Select averaged $181.52/cwt, up $0.61.