Trade in cattle markets remain mixed as traders back away from previous week support. The lack of follow through buyer activity is limiting the ability to keep cattle markets moving in a positive market direction. Hog futures have continued to shift higher with strong nearby gains.
Cash cattle markets remain generally quiet midweek with just a few bids developing late Wednesday at $108 through the South and $172 in the North. Asking prices are seen at $113 and higher in the South at this point. Although asking prices in the North are still hard to define, it is expected that prices are at $175 and higher. It is likely that active trade will be delayed until sometime Thursday or Friday, with late week trade not out of the question.
The Fed Cattle Exchange Auction report Wednesday listed a total of 1,444 head, with 0 actually sold, 526 head listed as unsold, and 918 head listed as PO (Passed Offer). The state by state breakdown looks like this:
- KS 916 total head, with 0 head sold, 236 head unsold, 680 head listed as PO ($110.00-110.50);
- NE 124 total head, with 0 head sold, 124 head unsold;
- TX 404 total head, with 0 head sold, 166 head unsold, and 238 head listed as PO ($110.75);
- CO no cattle reported;
- IA no cattle reported;
- other states no cattle reported.
The delivery date/weighted averages breakdown is as listed:
- 1-9 day delivery: 845 head total, 0 head sold;
- 1-17 day delivery 422 head total, 0 head sold;
- 10-17 day delivery no cattle reported;
- 17-30 day delivery 124 head total, 0 head sold.
According to the closing report, the national hog base is $0.82 higher compared with the Prior Day settlement ($50.00-$57.25) weighted average $55.82. The corn futures moved lower in light activity. December futures were 3-cent lower Wednesday. The Dow Jones Index is 22 points higher with the Nasdaq up 8 points.