Cattle Market Notes: Week Ending Nov 07, 2014

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Cash Cattle:

Cash fed cattle prices were mostly steady to mildly lower this week. The five-area live and dressed steer prices were $166.87 and $261.13, respectively, down $0.55 and up $2.17. In the Southern Plains live cattle sold $1 lower at $166-$167. Nebraska sales were limited at $167-$168 for live. Live and dressed cattle in the Western Cornbelt sold $1-$3 lower at $165-$167 and $262, respectively.

Steers in Mississippi auctions were mostly steady, with some $5-$10 higher, while heifers were steady to mostly $5 higher. Cull cows and bulls were $1-$2 higher. In Oklahoma City feeder cattle were $1-$4 higher and calves were were $4-$10 higher.

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Futures:

Feeder futures finished the week mostly $3-$4 higher compared to the previous Friday’s close. Corn prices tumbled early in the week which provided support, while live cattle prices kept the underlying support in place the remainder of the week. Live cattle futures prices did not end in nearly as positive territory as feeder futures, up about $1-$2, but continue to be in the neighborhood of record levels and remain impressive. The U.S. dollar weakened just a bit this week providing support to commodity markets, especially those that rely on the export market.

Corn futures ended the week lower. Losses on Monday and Tuesday were not able to be overcome as prices moved higher the remainder of the week. Tuesday marked the largest drop as all commodities experienced a sell-off. A “dead cat bounce” come through on Wednesday as the market bounced back roughly 5 cents per bushel. Positioning ahead of Monday’s Crop Report and World Agricultural Supply and Demand Estimates reports from USDA left the market mildly higher on Thursday and Friday.

Beef:

Wholesale boxed beef prices moved higher as retailers and restaurants prepare for the holiday season ahead. Choice boxes averaged $250.35, down $1.44. Select boxes ended the week at an average of $238.27, down $0.31.

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