Cattle Market Notes: Week Ending Mar 14, 2014

Cash Cattle:

Fed cattle cash prices ended the week mixed. The five-area fed steer price ended the week at $147.13 and $239.80, respectively for live and dressed, which was down $1.21 and up $1.51. Cattle in the Southern Plains traded at $148 on Thursday. In Nebraska, live sales were at $152 and dressed were at $240 on Friday. In the Western Corn Belt, Friday’s live and dressed cattle sold at $150 and $240, rspectvley.

Feeder steers in Oklahoma City were steady to $2 higher, while feeder heifers were called steady to $3 higher. Calves were $5-$10 higher. In Mississippi auction markets steers were mixed, with most weights about $2 higher, and heifers were mostly $5 higher. Cull cows and bulls were steady to $3 higher.

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Futures:

Cattle futures ended the week higher this week. Contracts were mostly $2 higher for the nearest April and June contract months, while more deferred 2014 contracts were about $1.50 higher. Feeder futures were also higher. Mixed economic news closed the week out. Retail sales increased 0.3%, which was higher than expected, but the producer price index declined 0.1% versus an expect increase of 0.2%.

Corn futures were mixed this week. The nearby May and July contracts were down about one nickel while more deferred contracts gained on the week. The uncertainty between Russia and Ukraine continued this week and will most likely continue to create headaches in the grain markets.

Beef:

Boxed beef rallied again this week Choice boxed beef finished with a weekly average of $240.72, up $7.32. Select averaged $236.77, up $5.70.

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