US: Cattle futures lower ahead of widespread direct business

At the Chicago Mercantile Exchange, live and feeder cattle were lower ahead of the week’s direct cash business and Friday’s On Feed numbers. Feeders had additional pressure from the higher move in corn. April live cattle closed $.50 lower at $163.05 and June lives closed $.45 lower at $157.75. April feeders closed $1.32 lower at $195.75 and May feeders closed $1.10 lower at $201.30. It was another quiet day for direct cash cattle business on Tuesday. There were a handful of live heifers that sold at $164, fully steady with the week’s earlier business. It’s looking like significant trade volume will likely be delayed until the back half of the week. Bids didn’t surface and asking prices were around $166-plus live in the South, while the North was quiet. There was a very light, scattered trade that took place in Kansas at $164 live and in Nebraska at $265 dressed on Monday. Live business was $1 lower than the prior week’s weighted averages and dressed deals were steady in ...