Morning Ag Markets – Pete Loewen – 10/09/18
Meat complex trade closed the session quietly higher across most contract months yesterday. In the case of the live and feeder cattle markets though, the range of trade from high to low was moderately active. Front month October live cattle that’s now past the first notice day for deliveries, finished $3.17 above last week’s Southern Plains negotiated cash trade and $2.17 above the top in Nebraska. Basis flipped to negative the 2nd week after the August live contract went off the board and it’s been stuck there since. The actual cash averages from last week on steers was $110.99 in Kansas, $111 in Texas and $111.17 in Nebraska. Joplin’s sale yesterday had a run that was just under 600 head shy of the same week…