Mixed Cattle Futures Await Direct Cash Trade Completion

Friday's market for cattle futures saw mixed results as traders waited for the completion of direct cash trade. Live cattle futures were mostly higher at the Chicago Mercantile Exchange, with August live up $.52 at $231.75 and October down $.20 at $227.50. Feeders, however, were up on a decline in corn prices, with August feeders up $1.55 at $348.02 and September up $1.32 at $343.77.

Direct cash cattle trade remained elusive as packers offered bids of $365 to $368 in Nebraska, but no new trade developed. Asking prices were firm at $235-plus in the South and $370 in the North.

The USDA reported a light supply with moderate demand at the Mid-Missouri Stockyards in Phillipsburg. Feeder steers sold unevenly steady while feeder heifers trended higher. The estimated cattle slaughter was 98,000 head, down 5,000 on the week and up more than 5,000 on the year.