Fed cattle traded $6 to $10 higher on a live basis compared to a week ago. Live prices were mainly $126 to $127 while dressed trade was not well established. The 5-area weighted average prices thru Thursday were $118.52 live, down $0.09 from last week and $190.00 dressed, up $2.49 from a week ago. A year ago prices were $163.54 live and $257.79 dressed.
Compared to last week, yearling feeder cattle started the week mostly 5.00 lower on a light test with calves trading 5.00-15.00 lower, then on Tuesday the Live and Feeder Cattle futures closed with limit gains that turned the week around. Cattle futures then rocketed higher again on Wednesday and Thursday; it seems one extreme move one way can have extreme moves the other way as from mid- week on yearlings moved mostly 3.00-10.00 higher and calves traded firm to 5.00 higher, instances 10.00 higher.
Projected 2015/16 U.S. feed grain production is down slightly this month with a small reduction for corn partly offset by increases for barley and oats. Corn production is forecast 30 million bushels lower with harvested area lowered 437,000 acres.
The October 1 corn objective yield data indicate the highest number of ears on record for the combined 10 objective yield States (Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin).