The market was pressured by headlines over the week, which ranged from industry-specific concerns about the New World screwworm and potential Department of Justice investigations into the Big Four, to outside headlines about Middle East tensions.
Live cattle futures traded lower over the week, down $3.45 on the April contract to $246.85 and down $4.55 on the June contract to $243.07.
“The CME cattle futures correction has been underway all week and continued today, the market making new lows for the move yet again,” wrote Cassie Fish, market analyst, in The Beef on Thursday. “The market opened down hard off the rumors but shook off the news and clawed back to steady by the end of the first hour. Once again the market’s take after some digestion is to shake it off.”
Cash trade through Thursday totaled about 47,000 head. Live steers sold from $244-46, and dressed steers sold for $386.
“Private sources have shared there’s a major packer in Colorado that intends to be dark both Thursday and Friday—which likely means the fed cash cattle market won’t see prices improve later this week as demand will be less,” wrote ShayLe Stewart, DTN livestock analyst, in her Thursday midday comments.
Cash trade for the week ending April 19 totaled more than 96,000 head. Live steers averaged $248.07, and dressed steers averaged $388.19.
Slaughter through Thursday totaled about 425,000 head, compared to 429,000 head a week earlier. Total slaughter for a week earlier is estimated at 514,000 head. Actual slaughter for the week ending April 11 was 509,986 head. The average steer dressed weight was 982 lbs., up 1 lb. from the previous week.
Boxed beef prices traded modestly higher, up about $2 on the Choice cutout to $383.50 and up about $4 on the Select cutout to $382.58.
“With May 1 only one week from tomorrow, there is anticipation that seasonal beef demand will pull the cutout higher,” Fish said. “Packer margins will improve, although they were red by over $100 per head last week.”
USDA released its latest Cattle on Feed report on April 17. As of April 1, the number of cattle and calves on feed totaled 11.6 million head, 1% below last year. Placements were 7% lower than last year, and marketings were 6% lower. Other disappearance totaled 50,000 head, 9% below 2025.
Feeder cattle
Feeder cattle futures also traded lower. The April contract lost more than $6 to close at $366.80, and the May contract lost nearly $9 to close at $358.42.
The CME Feeder Cattle Index lost $5.65 to close at $373.44.
Corn futures traded mostly sideways, up 6 cents on the May contract to $4.54 and up 5 cents on the July contract to $4.62.
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head on Monday. Compared to a week earlier, at the mid-session, feeder steers and heifers sold $5-15 lower. Benchmark steers averaging 767 lbs. sold from $373-390, averaging $377.24.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,000 head on Monday. Compared to the last sale, at the mid-session, feeder steers sold mostly steady and feeder heifers sold $2-4 lower. Steer and heifer calves were lightly tested and unevenly steady. Benchmark steers averaging 778 lbs. sold from $367-388, averaging $379.09.
South Dakota: Sioux Falls Regional in Worthing sold 3,237 head on Monday. Compared to a week earlier, feeder steers 800-1,000 lbs. sold $2-8 higher and feeder heifers over 700 lbs. sold steady to $5 higher. Benchmark steers averaging 793 lbs. sold from $383.50-386, averaging $384.40. — Anna Miller Fortozo, WLJ managing editor
