Better late then never! …
Cash fed cattle trade was limited through Friday afternoon (and still no reports in-spite of this coming out Monday morning). A few cattle traded at $126 live and $198-$200 dressed in Nebraska with similar dressed sales in the Western Cornbelt. The five area fed steer price for the week was $124.31 for live sales, up $1.61, and $195.24 dressed.
In Oklahoma City feeder steers and heifers were steady to $2 higher. In Mississippi markets, feeder steers were $3-$5 higher and feeder heifers $2-$5 higher. Cows sold $1-$2 higher and bulls were steady.
Last week’s on feed report was regarded as rather bullish at the time and this sentiment remained in tact throughout most of the week (in other words, no other outside issues created much headwind for prices). Prices improved each day last week for live cattle contracts and feeder futures only dipped on Tuesday. The higher prices were largely attributable to the on feed report as the tightening supplies becomes ever more prominent.
Corn futures managed to finish the week mostly steady (up about 1 to 3 cents higher). Wednesday saw the largest jump due to spillover from other crop futures (wheat and soybeans). Favorable weather (to finish the crop on the stalk and to allow harvest) is currently putting pressure on price, but that could turn the other direction as an early freeze will not exit the market’s mind.
Wholesale beef prices were mildly higher. The weekly average price for Choice beef was $193.43, up $0.49, and Select $176.90, up $0.59.
Note: Unless stated otherwise, all cattle and beef prices are quoted in dollars per hundredweight and corn is quoted in dollars per bushel.