January 11, 2012

On Tuesday (Jan 10), a feedlot source said that Oklahoma's fed cattle were bid at US$118/hundred weight whereas feedlots priced cattle were at US$124.

In Nebraska, cash cattle were also bid US$118, with no response from feedlots who may price cattle around US$124-125, a source there said. Dressed-basis bids opened at US$191 but nothing yet regarding asking prices, he said.

"We are current after pulling cattle ahead because of the milder weather a week or so ago," the Nebraska source said. "Also, show lists are down just about everywhere, and judging by the board's rally, we're in a good shape from a cash standpoint."

CME live cattle gained on short-covering and fund buying. Futures were also supported by bullish sentiment that packers might be forced to pay more for supplies because fewer cattle are available for sale this week.

The overall show list tally for this week is down nearly 30,000 head, according to industry estimates.

Kansas cash bids and offers were characterized as "ill defined." And, there were no bids or asking prices reported in Texas.

Last week, cattle in the central Plains generally traded US$120-122, sources said. And dressed cattle in Nebraska moved at mainly US$198.