Direct cash cattle markets are quiet and will probably stay that way today. Asking prices are not well defined and bids are non-existent at this point. Widespread business is not expected to develop until Thursday or Friday, unless tomorrow’s Fed Cattle Exchange trade is able to spark some interest. Cash prices have rallied a lot lately, but margins are tight, which may limit any further upside.
Boxed beef at midday was sharply higher. Choice was up $1.03 at $211.60 and Select was $2.09 higher at $196.86.
At the Oklahoma National Stockyards in Oklahoma City, compared to last week, feeder steers were $4 to $8 higher and feeder heifers were $7 to $10 higher. Lightweight steer calves were $2 lower, while 500 to 700 pound steer calves were $5 to $9 higher. All heifer calves were $2 to $5 higher. The USDA says demand was very good for nearly all classes, especially feeder cattle. The quality was mostly plain to average, with 58% of the run steers and 52% of the weekly offering weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $170 to $184.75 and 600 to 700 pound steers ranged from $161 to $176 with calves at $145.50 to $162. Medium and Large 1 feeder heifers weighing 500 to 600 pounds brought $153 to $163.50 and 600 to 700 pounders ranged from $153 to $165 with calves at $154 to $155.