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DJ US Cash Cattle Preopen: Little Trading Interest Expected74 days ago
KANSAS CITY (Dow Jones)--Little fed cattle trading interest was expected Friday in the Plains states as futures prices in Globex markets declined sharply along with nearly all other commodity markets.
Buyers were expected to be absent from the cash market, or at least leave their checkbooks at home. With futures being down hard and expected to remain under pressure, they likely won't be willing to pay the same price they paid on Wednesday.
Cattle traded this week at mostly $83 to $85 per hundredweight on a live basis and mostly $130 to $131 in dressed markets with some up to $132 in Kansas.
With only about 4,000 head sold so far this week, Texas traders felt there is more to do. Prices this week were mostly $84 per hundredweight in Texas, but those still having cattle to sell were passing such bids in an effort to get more.
Cattle traded last week at $82 to $84 on a live basis with most at $83 and at mostly $130 on a dressed basis.
Market analysts said Wednesday's action in gold and currency markets was unraveling on Friday. Gold, crude oil, stock futures and other commodities were down as the U.S. dollar moved higher against other currencies.
One broker said commodity funds also might have a bias toward unwinding their positions as the year end approaches, which could be overall bearish to the markets.
One broker pointed out in an e-mailed comment that Dubai reportedly had asked for a freezing of debt payments, opening the way for traders to wonder if the emirate was close to defaulting on its debt. He credited the news for pushing the yen and the U.S. dollar higher. Others said Dubai is a small fish in the pond, and this scare could blow over quickly.
The HedgersEdge packer margin index is a plus $38.50 per head, compared with the previous index of a plus $30.25. For the week, the index is a plus $26.71.
The U.S. Department of Agriculture reported its latest choice boxed beef composite carcass price at $141.80 per hundredweight, up $1.11, while select beef was up $0.91 at $133.60. The volume of fabricated loads was 222 and there were 88 loads of trimmings and coarse grind product reported.
Urner Barry's Yellow Sheet Wednesday said buyers focused on beef middle meats, especially products from the loin as they looked to secure an adequate amount of product for the approaching holiday season. End cuts appeared to be holding at steady levels, while select ribs were surrounded by slightly softer undertones.
-By Lester Aldrich, Dow Jones Newswires; 913-322-5179; lester.aldrich@dowjones.com
(END) Dow Jones Newswires
November 27, 2009 09:11 ET (14:11 GMT)
By Lester Aldrich
Of DOW JONES NEWSWIRES
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