Cash fed cattle prices were higher this week. The five-area live and dressed steer prices were $168.67 and $263.80, respectively, up $4.93 and $6.05. In Kansas and Texas, live cattle traded steady at $170 on Thursday. Live and dressed cattle sold at $170 and $265 in Nebraska. Similarly, in the Western Cornbelt, cattle sold at $170 and $264-$265, respectively for live and dressed.
Most reported Mississippi calf and feeder prices were steady to higher this week. Steer calf prices were steady to $15 higher and feeder steers were steady. Heifer calves were steady to $20 higher and feeder heifers were steady to $2 higher. Cull cows and bulls were steady. Feeder steers were $2-$4 lower and heifers were steady to $2 lower in Oklahoma City. Steer calves were $1-$5 higher and heifer calves were $5-$8 lower.
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Feeder futures made an attempt at regaining some of last week’s losses. Most contracts were up about $1 compared to the previous Friday’s close. Some mixed reports from auction barns across the U.S. had the market floundering. Live cattle, on the other hand, had a strong week, ending mostly $1.50-$3.50 higher. Strength in the cash market prompted the rally. The week ended with USDA releasing the October Cattle on Feed report. The report revealed 0.5% fewer head of cattle in feedlots, 10.058 million head total, but higher year-over-year placements, 2.007 million head, as a result of record low placements in September last year. For more details on this report CLICK HERE.
Corn futures ended the week mildly higher. Currently, the market is adjusting as harvest continues and elevators adjust to the level cash sales versus those producers electing to store grain.
Wholesale Choice boxed beef prices moved higher until mid-week and then slipped back, falling sharply on Friday. Choice boxes averaged $249.50, up $0.25. Select boxes ended the week at an average of $234.28, down $1.24.
Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.