USA: Direct cash cattle trade picks up steam

Chicago Mercantile Exchange live and feeder cattle futures were sharply higher, supported by the sharply higher direct business during the session, along with the USDA’s neutral to bullish Cattle Inventory numbers. Feeders had additional support from the modestly lower move in corn. February live was up $2.40 at $179.75 and April was $2.47 higher at $183.17. March feeders were $4.72 higher at $244.87 and April was up $4.37 at $250.52. Cash cattle country had some light live trade reported in parts of Texas at $178, $3 higher than last week’s weighted average. In Kansas, trade was marked at $178 to $179, $4 to $5 higher than the previous week. Some deals were also reported in the North with dressed cattle selling for $280 in South Dakota and Iowa, up $3 on the week. Asking prices remain firm at $180 live and $280 dressed. At the Hub City Livestock Auction in South Dakota, feeder steers and heifers were steady to mostly sharply higher compared to the most recent sale. USDA says ...