CSIRO, via Wikimedia Commons
It will be interesting to watch price action at Superior Livestock’s first summer sale, their Corn Belt Classic in South Sioux City, Nebraska. We watch cattle and feeder cattle futures backing off recent highs, but the cash market continues to set records, looking over $104,000 had expected for feeders and calves offered this week.
Superior’s most recent bi-weekly video auction saw $21,000 had offered 13 states and 68 different buyers, so a good market test, feeder steers and heifers were $10 to as much as $25 higher. Weaned calves set new records again, they were up $15 to another $20 and continued limited supply. This is the Bottom Line report.
The weekly crop update should show continued crop improvement in previous dry areas, keeping pressure on grain futures.
And wishing you a profitable day. Mark Ophold reporting.