The fed cattle market softened a little more last week as early trade was hampered by heavy carcass weights, deliveries of heavy cattle against the October live cattle contract, and continued erosion in boxed beef prices.
Northern tier feedlots started moving cattle last Wednesday at prices which were steady to $1 lower than the previous week at $128-130 dressed and at $83-83.50 live. Several reports of heavy cattle being discounted added to the downward trend for feeders in the region.
Fed cattle trade started early last week with feedlots trading cattle Wednesday and Thursday at $129-131 dressed and at $82 live in Nebraska and the Corn Belt, mostly steady with the prior weeks trade. Southern trade came at $84.50 in Texas last Thursday and $84 in Kansas, 50 cents to $1 lower than the previous week.
Fed cattle trade started steady in the Corn Belt last week in a ull range of $129-131 dressed basis. Southern Plains traders were still a few dollars apart at midday last Thursday with trade expected to be no worse than steady with the prior week at $85 live. Packers were believed to be somewhat short
Fed cattle trade started off with light volume last Wednesday at $130-$132 dressed in the Corn Belt along with some $131-132 dressed and $83 live trade in Nebraska. Analysts predicted that last weeks trade would move $1 higher than the prior week in most areas after support firmed in the contract markets and boxed beef showed some resiliency.
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Feedlot trade was slow last week as managers worked on their case for pushing prices higher after boxed beef prices posted light gains and packers ramped up their harvest levels at midweek. Asking prices were at $84 live and $132-134 dressed in most areas last Thursday with only light trade reported in Nebraska at $130 dressed.
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Light fed cattle trade was underway in parts of the Corn Belt where cattle were selling at $128-129 dressed last Thursday on light volume. Feedlots in Nebraska moved cattle at $129-130 while 1,000 head were sold in Kansas and Texas on Wednesday at $81 live.
There was some early light trade in the southern Plains last Thursday down $1 from the previous week at $82, although volume was light and not enough to call a trend. Some light Corn Belt trade was also $1 lower at $131 dressed.
Cattle feeders came to the table early last week and moved light numbers of cattle at prices steady to $1 lower than the previous week at $83-84 live basis last Wednesday in the South and at $130-132 dressed in the northern tier and Corn Belt.
Fed cattle trade was at a standstill last Thursday with feedlots and packers still priced several dollars apart. Feedlots were asking mostly $84-85 for their showlists and holding firm as a result of the improving August live cattle contract which stood at $85.
There was light trade dressed cattle reported last Wednesday to regional buyers in Nebraska and the western Corn Belt at $1.30. However, the action was slow to develop elsewhere as packers worked to ratchet down production in the face of light buying interest at the retail level.
Fed cattle trade last week was expected to be on the upswing after the market fundamentals took a turn for the better and prices rallied on tighter showlists of market-ready cattle and an improvement in the June contract ahead of expiration.
Fed cattle markets started out softer last week with Corn Belt cattle feeders throwing in the towel on Wednesday after a break in live cattle futures. The early trade was light at $128-131 dressed with live trade at $80-81 in the region.
With the exception of moderate dressed trade in the Corn Belt last week, fed cattle trading was slow to develop. Last Thursday, some cattle traded in the region at $129-130 dressed basis with a few as high as $131-132 dressed in Nebraska.
Cattle producers from 23 states consigned over 75,000 head of stockers, feeders and bred stock to the Superior Livestock satellite video auction. The auction was held at the Ameristar Hotel Casino in Council Bluffs, IA. Tuesdays offerings of yearling cattle traded steady with very good buyer interest and activity for the first half of the session.