National Ag News

At the Chicago
Mercantile Exchange, live cattle futures ended the day higher on optimism ahead
of this week’s direct cash cattle business. 
There is also some position squaring ahead of Thursday’s Cattle on Feed
report. Feeder cattle futures closed higher on the same factors along with
additional support from the day’s lower move in corn and strong wholesale
values during the session.  April live
cattle closed $.85 higher at $127.15 and June live cattle closed $.97 higher at
$122.45.  April feeder cattle were
unchanged at $145.67 and May feeder cattle closed $.17 higher at $151.20. 

Direct cash cattle
trade activity has been pretty quiet with just a handful of dressed deals in
Iowa at $204.  Certainly not enough to
establish a trend.  Bids for the most
part have been non-existent to start the week and asking prices are at $130
live and $208-plus dressed.  Wednesday’s
Fed Cattle Exchange has an offering of 1578 head.  Significant
trade volume will likely be delayed until after Wednesday’s Fed Cattle
Exchange. 

At the Russell Feeder
Cattle Auction in Iowa – receipts were up from two weeks ago and on the
year.  Compared to the most recent sale,
feeder steers were mostly $3 to $6 higher and feeder heifers were mostly $2 to
$5 higher.  The USDA says trade was
active and demand was good.  Feeder supply
included 60 percent steers and 61 percent of the offering was over 600
pounds.  Medium and Large 1 feeder steers
500 to 543 pounds brought $172 to $190 and feeder steers 600 to 645 pounds
brought $165.75 to $181.  Medium and
Large 1 feeder heifers 601 to 644 pounds brought $146 to $159.50 and feeder
heifers 653 to 699 pounds brought $138 to $148.50. 

Boxed beef closed higher on Choice and steady on Select on moderate to fairly good demand and moderate to heavy offerings.

Continue reading Cattle futures higher on cash expectations at Brownfield Ag News.