Fed Cattle Down Yet Again
As Market Feels For Bottom

If fed cattle prices keep falling they way they have been, packers may find the "concentration" shoe on the other foot: three of them will be competing to buy cattle from two feedlots. Of course, they’ll all be owned by the same people, so the issue will be moot.

Battered for months on end and over their heads in red ink, cattle feeders keep wondering where the bottom of the market is, and every week they discover it’s still out there somewhere.

Last week at this time, feeders were resisting $58 bids, but by Friday some were taking them, and this week saw cattle selling every day. Armed with ample captives and the knowledge that feedlots were eager to unload cattle made heavy by large in-weights and ideal weather, packers were soon bidding $57 — or less.

In Texas that bought more than 110,000 cattle by Wednesday afternoon on a showlist of 92,600. Captives made up nearly 40,000 head.

Kansas moved 41,000 head at anywhere from $57 to $57.50; 29,600 of those were captives. Nebraska’s count through presstime came to 66,000 head, prices $57-58 live and $92-93 dressed.

Midwest direct areas were $57-58, terminals $55-57.10.

The Southwest was quiet through midweek, reporting no volume whatsoever. The Northwest was steady to $1 lower dressed, instances to $3 lower; prices there ranged $91.50-92.50.

Continued turmoil in the fed cattle ranks dampened enthusiasm for feeder cattle, and the mood spilled over onto stockers.

With seasonally short numbers, St. Joseph, Mo. reported a fully $2-3 lower undertone on most offerings. A collection of Florida markets selling 6262 head between them called prices steady to $2 lower.

In Texas, Crockett was fully steady on 1200 head, San Antonio mostly steady on fewer than 1000 over two days, and Amarillo generally steady on 2000 head.

San Angelo’s special feeder sale Monday attracted 2525 head and found the market weak.

With 13,500 head on hand, Oklahoma City quoted prices weak to $3 lower across the board. Best 350-400 pound steer calves brought $78-82.50; 450-500 pounds $73-78.50; 500-600 pounds $68.25-78.50; 600-700 pounds $66-75; 700-750 pounds $65.50-70; 750-800 pounds $65-68.75; 800-850 pounds $63-66.75; 850-900 pounds $61.25-66.75; 900-950 pounds $59-63.50; and 1025 pounds $57.