Cattle Market Notes: Week Ending Feb 14, 2014

Cash Cattle:

Cash prices were mixed this week on limited cash sales. The five-area market price ended Friday at $141.99 and $223, respectively for live and dressed. Kansas was the only region to report any noticeable cash trade at $142 live.

Oklahoma City continues to suffer from the winter weather as trade volume was limited again. Feeder cattle traded steady to $2 higher and calves were too limited to call a trend but generally higher. In Mississippi auction markets this week, calves were mostly steady, while feeders were steady to $4 lower.

Futures Prices:

Live cattle futures ended the week ended the week steady to mildly higher and feeder contracts were roughy $2 higher. Cattle futures remain under pressure from weakness in the cash and beef markets. Strength in equities lifted prices as traders typically tie these to beef demand.

Corn futures were mixed with nearby contracts higher while deferred contracts were lower. This week’s supply and demand report (released Monday) showed fewer bushels available than expected, however markets reacted in the opposite regard. The report is summarized here (link). Exports, however, remain above current forecasted levels.

Beef:

Wholesale boxed beef was weak once again. The weekly average Choice price was $208.83, down $7.47, Select averaged $207.90, down $7.45. With both down about equally the Choice-Select spread was mostly unchanged at $0.92.

Livestock and Feedstuff Price and Production Information is available at: link

Note: Unless otherwise stated, cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel.