Moderate to strong pressure developed in livestock futures Wednesday as traders backed away from Tuesday’s gains in the cattle complex. Follow-through losses continue in hog futures, as traders remain concerned about growing supplies, even though demand remains strong.
Light cash trade developed in the North on live and dressed basis with prices generally $3 to $4 per cwt lower than last week. Trade in eastern Nebraska through the afternoon was at $171 to $172 per cwt, while live cattle sold in the western part of the state and South Dakota at $107 per cwt. The rest of the country remained quiet. Asking prices are $112 to $113 live basis and $178 and higher dressed basis.
The Fed Cattle Exchange Auction report Wednesday listed a total of 1,067 head, with 0 actually sold, 731 head listed as unsold, and 336 listed as PO. The state by state breakdown:
- Kansas 271 total head, with 0 head sold, 141 head unsold, 130 head listed as PO ($107.25);
- Nebraska no cattle offered this week;
- Texas 427 total head, with 0 head sold, 221 head unsold, and 206 head listed as PO ($107.00);
- Colorado 176 total head, with 0 head sold, 176 head unsold, and 0 head listed as PO;
- Iowa 193 total head, with 0 head sold, 193 head unsold, and 0 head listed as PO;
- other states no cattle offered this week.
According to the closing report, the national hog base is $1.40 lower compared with the Prior Day settlement ($66.00-$71.00) weighted average $69.19.
The corn futures moved lower in light activity. September futures were 4 cents lower Wednesday. The Dow Jones Index is 87 points lower with the Nasdaq down 19 points.