Direct cash cattle trade remains quiet

Chicago Mercantile Exchange live and feeder cattle futures were sharply higher, getting ready for direct business and Friday’s USDA Cattle on Feed report. Feeders had additional support from the lower move in corn. October live was up $1.67 at $179.97 and December was $1.27 higher at $181.12. October feeders were $3.82 higher at $243.77 and November was up $3.22 at $241.35.

Cash cattle country was quiet on Thursday with just a few bids in parts of the North. Asking prices in that area still haven’t been established. In the South, asking prices remain around $184 to $185. Significant trade volume could come sometime on Friday. The USDA says beef export sales of 15,500 tons were up 36% on the week and 2% from the four-week average, mainly to South Korea, China, and Japan.

At Mitchell Livestock Auction in South Dakota, a trend wasn’t established but heavier weight feeder steers and heifers were dollars higher. USDA says light feeder calves that were vaccinated and weaned brought top dollar. Most heavy feeders were in large load lots. Demand was good. Feeder suppl included 39% steers and 89% of the offering was over 600 pounds. Medium and Large 1 feeder steers 878 to 899 pounds brought $243 to $244.50. Medium and Large 1 feeder heifers 856 to 871 pounds sold for $234 to $240.35.

Boxed beef closed lower with Choice down $1.82 at $299.56 and Select down $1.49 at $288.26. The Choice/Select spread was $11.30.

Estimated cattle slaughter was 122,000 head – down 1,000 on the week and down nearly 4,000 on the year.