Week ending November 26, 2011
This week the box beef market was higher on a smaller volume. Choice prices were up about $2 and Select prices were about $1.00 higher for the week. The Choice-Select spread increased and is above the historical average. There were 783 loads moved this week compared to 884 loads last week. The Fed cattle market was higher this week compared to last week with trade developing on Wednesday this week. Live prices in the 5-market fed cattle area were $2 higher and averaged $124.89. Fed steer weights were 4 pounds lighter and averaged 894 pounds. Nebraska live prices were $2.00-3.50 higher and were at $125-127 and dressed prices were $4 higher with trade at $200/cwt. for the week. Nebraska negotiated volume was 53,289 head, grid volume was 4,076 head, formula volume was 23,598 head and forward contract volume was 8,541 head. The total volume this week was 89,504 head compared to 69,018 head last week. Feeder cattle prices were higher this week in Nebraska and were mixed at Salina Utah. Nebraska 750 pound steers were $5.50 higher and 550 pound steers were $3 higher this week. Utah prices were down $4 for 750 pound steers and were $1 higher for 550 pound steers. The CME Feeder Cattle board was $2 higher for the week. Basis in Nebraska was near the typical levels for 750 lb steers and was above the average for 550 lb feeder cattle. Salina, UT basis was below the average for 750 pound steers and was below average for 550 pound steers.
The national grain markets were lower this past week. Omaha corn prices were down $.29 and are at $5.96 per bushel for the week. Winter Wheat prices at Dodge City, KS were down $.18 this week and are at $6.11 per bushel. Wheat basis is above the historical average and corn basis is above the typical level.