Cattle futures up ahead of wide-spread direct business

At the Chicago Mercantile Exchange, live and feeder cattle were up, waiting on direct business to develop. Feeders were sharply higher on the continued tight market-ready supplies. December live cattle closed $1.02 higher at $239.90 and February live cattle closed $1.17 higher at $243.40. November feeder cattle closed $5.22 higher at $374.05 and January feeder cattle closed $5.52 higher at $369.05.

Direct cash cattle trade activity was relatively quiet Thursday. There were a handful of deals reported in the North at $358 dressed, but that’s not near enough business to establish an accurate trend for the week. Asking prices were at $235 to $237 live in South, but weren’t floated in the North. It looks like the bulk of the week’s business is going to take place sometime on Friday.

At the South Central Regional Stockyards in Missouri, compared to two weeks ago, feeder steers weighing less than 550 pounds were $5 to $15 higher and steers weighing more than 550 pounds were steady to firm. Feeder heifers weighing less than 650 pounds were $10 to $15 lower and heifers weighing more than 650 pounds were firm. The USDA says demand was uneven on a moderate supply. Receipts were up on the year. Feeder supply included 41 percent steers and 42 percent of the offering weighed more than 600 pounds. Medium and Large 1 feeder steers 562 to 583 pounds brought $442 to $459 and feeder steers 650 to 675 pounds brought $396 to $414. Medium and Large 1 feeder heifers 660 pounds brought $372 and feeder heifers 702 to 747 pounds brought $351.50 to $367.