Cattle see cash, wholesale support

Chicago Mercantile Exchange live and feeder cattle futures were sharply higher, supported by the cash and wholesale business during the session. Feeders picked up additional support from the modestly lower move in corn. June live was up $1.60 at $215.52 and August was $1.90 higher at $210.07. August feeders were $4.30 higher at $299.92 and September was up $4.37 at $298.85.

Direct cattle business was light. Trade was reported at mostly $222 to $223 on the live basis in Kansas and Texas, $1 to $3 higher than last week’s weighted averages. Dressed trade in Nebraska was mainly at $368 to $370, up $6 to $8, with a few selling as high as $375 in central parts of the state. There was also light business Wednesday at $220 live in Kansas. More trade Friday is probable.

At the Clarinda Livestock feeder cattle sale in Iowa, compared to two weeks ago, 500-to-600-pound steer calves were fully steady, while 600-to-700-pound calves were steady to $4 higher and yearling steers were steady to $8 lower. 400-to-500-pound heifer calves were $10 lower, with 600-to-700-pound heifer calves down $1 to $7 and yearling heifers fully steady. The USDA says trade was active and demand was good for a moderate supply, including many lightweight, double vaccinated calves, with receipts down from that previous test. 60% of the offering were steers and 53% of all feeders weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $370 to $438 and 750-to-850-pound steers were reported at $291 to $313. Medium and Large 1 feeder heifers weighing 400 to 500 pounds brought $380 to $422 and 500-to-600-pound heifers ranged from $331 to $374.