Wednesday 5 August 2009

US Cash Cattle Midday: Scattered Trades Emerging

KANSAS CITY (Dow Jones)--A few small fed cattle trades were reported in the Plains and western Midwest Wednesday morning, but rumors of more action continued to circulate.

The U.S. Department of Agriculture reported cattle trading on a packer's grid in Iowa on Tuesday at $131 per hundredweight for choice on a dressed basis, but there were reports of some trading at $129 dressed Tuesday as well. However, some packers were bidding $130 in this same area Wednesday morning, analysts and brokers said.

Fewer than 1,000 head of Texas cattle likely went to a major firm Wednesday morning at $81 on a live basis, traders said. There are rumors of larger numbers being traded, but they could not be confirmed.

Bids generally ranged from $80 to $81 live and $130 dressed. Asking levels range from $84 to $85 live.

Cattle sold last week at $82 on a live basis and at $131 to $132 on a dressed basis.

The USDA at midday reported its choice boxed beef cutout price at $140.99 per hundredweight, down $1.65, while select beef was off $0.42 at $135.28. The volume of fabricated loads was 205 and there were 72 loads of trimmings and coarse grind product reported.

Urner Barry's Yellow Sheet at midday said discounts for quick-shipping orders appeared to be common. Middle meats remained the foremost issue for beef processors, with select ribs and choice and select loin meat seen at reduced prices. End cuts were steady to slightly lower, although there was some export interest for end cuts. Slight discounts for ground beef emerged Wednesday.

-By Lester Aldrich, Dow Jones Newswires; 913-322-5179;

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(END) Dow Jones Newswires

August 05, 2009 12:47 ET (16:47 GMT)

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