The market traded optimistically over the holiday week, with green numbers on the board and high hopes for cash trade for the short week.
Live cattle futures were higher, with the December contract up $1.05 to $153.80 and the February contract up $1.02 to $156.42.
Cash trade through the holiday-shortened week was inactive, with only about 500 head sold by Tuesday afternoon. There was no market trend available. However, trade was expected to pick up further in the week. “There’s a widespread consensus that cash cattle prices will be higher again this week as packers are pressured to continue to support the cash market as front-end supplies of cattle are thin and will only become thinner in the weeks ahead,” said ShayLe Stewart, DTN livestock analyst, in her Tuesday midday comments.
Cash trade for the week ending Nov. 20 totaled 90,590 head. Live steers averaged $153.04, and dressed steers averaged $241.88.
The national weekly direct beef type price distribution for the week of Nov. 14 to Nov. 21 was the following on a live basis:
• Negotiated purchases: $152.88.
• Formula net purchases: $154.17.
• Forward contract net purchases: $150.97.
• Negotiated grid net purchases: $154.47.
On a dressed basis:
• Negotiated purchases: $242.04.
• Formula net purchases: $245.20.
• Forward contract net purchases: $236.29.
• Negotiated grid net purchases: $244.74.
Slaughter through Tuesday totaled 257,000 head, on pace with a week earlier. Total slaughter for the week will be reduced due to the Thanksgiving holiday. Slaughter through Nov. 17 is expected to be 674,000 head.
“If this week’s holiday shortened (federally inspected) slaughter comes in at the estimated 585K head, that would (be) the largest Thanksgiving week harvest since pre-2010,” wrote Cassie Fish, market analyst, in The Beef.
Boxed beef prices were mixed, with the Choice cutout down about 50 cents to $256.63 and the Select cutout up about $2.50 to $234.18.
“Gross packer margins narrowed last week by $30 per head, but margins have not taken out their low made in October yet,” Fish said.
The latest Cattle on Feed report was released Nov. 18 and reported cattle and calves on feed down 2% from last year. Placements were 6% lower than 2021, the lowest for October since the series began in 1996. Marketings of fed cattle were 1% higher, and other disappearance was 5% lower.
Feeder cattle
Feeder cattle futures were higher, with the January contract up $1.70 to $181.67 and the March contract up a little over $2 to $184.57.
The CME Feeder Cattle Index lost 75 cents to close at $174.64.
Corn futures were lower another week, with the December contract down 11 cents to $6.56 and the March contract down 10 cents to $6.59.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. were steady with heavier weights, trading steady to $3 higher. Feeder heifers traded steady to $3 higher. Benchmark steers averaging 732 lbs. sold from $177-189, averaging $180.70.
New Mexico: Roswell Livestock Auction in Roswell sold 1,926 head Monday. Compared to the last auction, steer calves sold $4-15 higher, with instances of $25-30 higher on 500-550 lb. weights. Heifer calves sold $6-18 higher. Feeder steers 600-650 lbs. sold $3-5 higher, with 650-700 lbs. $2-4 lower. Feeder heifers 600-650 lbs. sold $14-19 higher, with others not comparable. Benchmark steers averaging 723 lbs. sold between $163-171, averaging $168.02.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,250 head on Monday. Compared to a week earlier, feeder steers sold steady to $2 higher. Feeder heifers sold steady to $2 lower. Benchmark steers averaging 782 lbs. sold from $168-179, averaging $175.69.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,927 head on Monday. Compared to a week earlier, feeder steers sold steady to $5 higher, except 700-750 lbs., which sold $5-7 lower. Feeder heifers sold steady to $3 lower, except 600-700 lbs., which sold $1-5 higher. Benchmark steers averaging 769 lbs. sold from $178-182.50, averaging $180.89. — Anna Miller, WLJ managing editor
Due to the Thanksgiving holiday,WLJwent to press early on Tuesday, Nov. 22. This report contains information released prior to 3 p.m. on Tuesday.
Cash trade inactive over short week
JUMP: Cattle on feed down 2%
The market traded optimistically over the holiday week, with green numbers on the board and high hopes for cash trade for the short week.
Live cattle futures were higher, with the December contract up $1.05 to $153.80 and the February contract up $1.02 to $156.42.
Cash trade through the holiday-shortened week was inactive, with only about 500 head sold by Tuesday afternoon. There was no market trend available. However, trade was expected to pick up further in the week. “There’s a widespread consensus that cash cattle prices will be higher again this week as packers are pressured to continue to support the cash market as front-end supplies of cattle are thin and will only become thinner in the weeks ahead,” said ShayLe Stewart, DTN livestock analyst, in her Tuesday midday comments.
Cash trade for the week ending Nov. 20 totaled 90,590 head. Live steers averaged $153.04, and dressed steers averaged $241.88.
The national weekly direct beef type price distribution for the week of Nov. 14 to Nov. 21 was the following on a live basis:
• Negotiated purchases: $152.88.
• Formula net purchases: $154.17.
• Forward contract net purchases: $150.97.
• Negotiated grid net purchases: $154.47.
On a dressed basis:
• Negotiated purchases: $242.04.
• Formula net purchases: $245.20.
• Forward contract net purchases: $236.29.
• Negotiated grid net purchases: $244.74.
Slaughter through Tuesday totaled 257,000 head, on pace with a week earlier. Total slaughter for the week will be reduced due to the Thanksgiving holiday. Slaughter through Nov. 17 is expected to be 674,000 head.
“If this week’s holiday shortened (federally inspected) slaughter comes in at the estimated 585K head, that would (be) the largest Thanksgiving week harvest since pre-2010,” wrote Cassie Fish, market analyst, in The Beef.
Boxed beef prices were mixed, with the Choice cutout down about 50 cents to $256.63 and the Select cutout up about $2.50 to $234.18.
“Gross packer margins narrowed last week by $30 per head, but margins have not taken out their low made in October yet,” Fish said.
The latest Cattle on Feed report was released Nov. 18 and reported cattle and calves on feed down 2% from last year. Placements were 6% lower than 2021, the lowest for October since the series began in 1996. Marketings of fed cattle were 1% higher, and other disappearance was 5% lower.
Feeder cattle
Feeder cattle futures were higher, with the January contract up $1.70 to $181.67 and the March contract up a little over $2 to $184.57.
The CME Feeder Cattle Index lost 75 cents to close at $174.64.
Corn futures were lower another week, with the December contract down 11 cents to $6.56 and the March contract down 10 cents to $6.59.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. were steady with heavier weights, trading steady to $3 higher. Feeder heifers traded steady to $3 higher. Benchmark steers averaging 732 lbs. sold from $177-189, averaging $180.70.
New Mexico: Roswell Livestock Auction in Roswell sold 1,926 head Monday. Compared to the last auction, steer calves sold $4-15 higher, with instances of $25-30 higher on 500-550 lb. weights. Heifer calves sold $6-18 higher. Feeder steers 600-650 lbs. sold $3-5 higher, with 650-700 lbs. $2-4 lower. Feeder heifers 600-650 lbs. sold $14-19 higher, with others not comparable. Benchmark steers averaging 723 lbs. sold between $163-171, averaging $168.02.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,250 head on Monday. Compared to a week earlier, feeder steers sold steady to $2 higher. Feeder heifers sold steady to $2 lower. Benchmark steers averaging 782 lbs. sold from $168-179, averaging $175.69.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,927 head on Monday. Compared to a week earlier, feeder steers sold steady to $5 higher, except 700-750 lbs., which sold $5-7 lower. Feeder heifers sold steady to $3 lower, except 600-700 lbs., which sold $1-5 higher. Benchmark steers averaging 769 lbs. sold from $178-182.50, averaging $180.89. — Anna Miller, WLJ managing editor
Due to the Thanksgiving holiday, WLJ went to press early on Tuesday, Nov. 22. This report contains information released prior to 3 p.m. on Tuesday.
md
