Cattle Market Notes: Week Ending Sep 19, 2014

Cash Cattle:

Cash fed cattle prices were lower this week. The five-area live and dressed steer prices were $153.75 and $245.23, respectively, down $4.95 and $4.60. Cash trading was too light this week for any prices or trends to be determined.

Reported Mississippi steer prices were steady for heavy weights but $5-$10 lower for light steers. Heifers were mostly steady. Cull cows and bulls were steady. Feeder steers and heifers in Oklahoma City steady while calves were steady to $5 higher.

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Futures:

Nearby live cattle were lower this week with the only bright spot coming Wednesday. Cash cattle and boxed beef prices moved lower most of the week which added pressure. More deferred contracts fared better and ended the week in positive territory. Feeder futures were steady to higher. USDA-NASS released their monthly Cattle on Feed report Friday afternoon after the market closed. The report revealed that 9.8 million head of cattle were on feed Sept. 1, 2014 and 1.72 million head were placed into feedlots during August. Both numbers were near expectations, but placements were a tad higher than the average of pre-report analyst predictions which could put a cloud over the market Monday. For more detail on the report CLICK HERE.

Corn futures moved lower again this week as harvest results become clearer. Yields being touted in coffee shops and producer meetings here in Mississippi are strong and point to higher year-over-year gains. The same appears to be true in other states. Dr. Brian Williams has more details on crop markets HERE.

Beef:

Wholesale Choice boxed beef prices switched direction and moved lower this week. Choice boxes averaged $246.23, down $4.85. Select boxes ended the week at an average of $232.05, down $5.07.

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