Weekly Recap on April 4, 2011

Last week the fed market continued to make all-time highs with cash sales $8 to $10 higher. The futures market continues to trend higher as well, and open interest in the live cattle market is at an all-time high. Tighter supplies in the North allowed cash to trade $200 in the beef. In the South where supplies are seasonally more adequate, cash traded from $120 to $123 live. Box beef prices were steady to higher due to seasonally increasing middle meat demand and strong ground beef sales. The Choice cutout added $2.50, while Select beef was even to slightly higher. Feeder cattle values were more than $3.00 higher, and the feeder index is at an all-time high. Feeder cattle futures for next fall are trading near $140. Calves were quoted $3 to $10 higher on the week on light sale volume. Some three-weight calves are being quoted at more than $200 per cwt. Slaughter cows are still being priced at high levels, and prices were mostly steady on the week. Corn had a robust week as the USDA reported 178 million bushels less than estimated in the grain stocks report, leading analysts to expect the second lowest corn stock-to-use in history. Corn traded limit up after the report, and May corn futures trade at more than $7.38.

This entry was posted in Markets.

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