Cash fed cattle were $2 per hundredweight lower in moderate trading yesterday, with the majority of cattle at $121 per hundredweight, with a few cattle in the Western Corn Belt jat $122 to $123. The price bump feeders anticipated this week failed to materialize as most commodities were under pressure. Live cattle futures continue to show volatility as traders see plenty of uncertainties in the economy and global markets.
Packers were thought to need cattle this week, but their bids never indicated desperation. USDA reported packer inquiry as “light to moderate” on Thursday. Cattle in the North traded at $120 to $123 live, and $193 to $195 dressed. Cattle in the south were mostly $121 per hundredweight.
Beef cutouts were higher yesterday, with Choice boxed beef at $195.94, and Select at $187.72 per hundredweight. The recent price trend in boxed beef has been higher as spring demand strengthens.
Crude oil traded more than $1 per barrel higher on Thursday, ending above $90 per barrel for U.S. crude, and above $106 per barrel for Brent crude.