US Cash Cattle Pre-Open: Trading Pace Mixed; Prices Firm
11/06/2009 08:37AM
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KANSAS CITY (Dow Jones)--The Plains states' fed cattle market is beginning to wind down for the week in spots while other areas have barely traded a hoof, market analysts and brokers said.
Kansas cattle feeders were thought to be near the end of the week's business with an estimated 25,000 to 30,000 head being moved. Analysts said prices mostly ranged from $87 to $87.50 per hundredweight on a live basis.
Nebraska feeders have been busy selling cattle as well, but market analysts said they likely had more to do on Friday. Estimated volumes for the week total near 25,000 head with prices ranging from $85 to $87 on a live basis and mostly $134 dressed.
Texas cattle markets have been fairly quiet this week. Analysts said cattle traded this week at $87 to $88, although many of the cattle at the high end of the range will be allowed to spend a little extra time in the feedlots before being sent to slaughter.
The USDA reported cattle sold last week in the Plains at an average price of about $86.82 on a live basis with some up to $88 in Texas, up about $2 from the previous week. On a dressed basis, cattle sold at about $134 to $135.
The HedgersEdge packer margin index is a minus $22.10 per head, compared with the previous index of a minus $20.20. For the week, the index is a minus $18.33.
The USDA reported its latest choice boxed beef cutout price at $141.33 per hundredweight, down $0.52, while select beef was off $0.04 at $135.76. The volume of fabricated loads was 181 and there were 68 loads of trimmings and coarse grind product reported.
Urner Barry's Yellow Sheet Thursday said packers continued to address inventory issues on a case-by-case basis. Packers were optimistic that late November would see an increase in beef featuring.
-By Lester Aldrich, Dow Jones Newswires; 913-322-5179; lester.aldrich@dowjones.com