Cash cattle prices reach new record
Cash cattle trading has begun to unwind across the major feeding regions at new record-high prices.
Beef processors have paid mostly $1.39 a pound live in both Kansas and Texas, up two cents a pound from last week's sales. Around 10,000 head in Kansas and 4,000 in Texas have been purchased for that price so far.
In Nebraska, around 10,000 head have been sold for between $1.39 and $1.40 a pound live, and $2.22 a pound dressed, which would be one to two cents a pound on a live basis from prices in the north last week.
Earlier this week, a few hundred head were purchased in Iowa at $2.20 a pound, up two cents a pound from where the bulk of sales in the region occurred last week.
A surge in wholesale beef prices and new record live- and feeder-cattle futures have contributed to the higher priced cash cattle, analysts said. Also, freezing temperatures have slowed or completely stopped weight gains for cattle in commercial feedyards, encouraging many owners to hold off for more aggressive bids by packers.
More business has yet to be done in Nebraska in particular, industry experts said.
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(END) Dow Jones Newswires
January 10, 2014 16:11 ET (21:11 GMT)