With few reports being generated this holiday shortened week, there is litte news to report.
Few cattle traded hands this week. In Nebraska dressed cattle were reported at $205/cwt, while Western Cornbelt prices were $204-$205/cwt. The 5-area live price finished the week at $126.31/cwt, down from $127.06 last week. Oklahoma City and Mississippi auctions will re-open this coming week.
Nearby contract months were down slightly and more distant months were slightly higher this week. With little news coming in from cash markets, traders were left to use outside information for direction. The surge in equities as a result of a decision on the ‘fiscal cliff’ debate was supportive. On the other hand, a stronger U.S. dollar will likely surpress an already weakened export market and Friday’s jobs report revealed unemployment at 7.8%, unchanged from last month.
Corn prices were lower on the week. Exports continue to be sluggish and do not appear to be picking up anytime soon. Soybean prices took a big hit late in the week as South American production wil be hitting the market in the coming weeks and China cancelled orders for U.S. beans. This news filtered into the corn pits and added to the bearish news on the week.
Wholesale beef prices were higher this week. Choice beef ended the week only moderately higher at $194.32/cwt, up $0.32. Select finished with a weekly average of $182.29/cwt, up $2.63.