Cash cattle trade trended mostly at $110 last week and dressed purchases at $172. Trade volume picked up throughout the week, but was still slow on light demand.
“The week isn’t panning out as feedlots had hoped it would,” remarked ShayLe Stewart, DTN livestock analyst, in her Thursday midday livestock comments. “A weaker board and cash cattle prices that pan out to be $1 lower to $1 higher wasn’t in mind for the week, but nevertheless, here we are.”
Live cattle futures traded mostly sideways through the beginning of the week, but took a drop Thursday afternoon. The December contract settled at $109.60, a dollar less than the previous week’s close. The February contract was down to $112.58, about 67 cents off from the week prior.
“Working against feedlot’s aspirations to move the market higher is a topping boxed beef market as well,” Stewart said.
Boxed beef cuts lost steam all week, appearing to set a seasonal peak. The Choice cutout was down over three-and-a-half dollars and the Select cutout was down 75 cents.
Slaughter numbers from the week ending Nov. 27 were recorded at 564,000 head, about 100,000 head down from the previous week due to the Thanksgiving holiday schedule. As of Thursday afternoon, estimated slaughter was at 481,000 head, a little over 100,000 head more from Thanksgiving week.
Feeder cattle
Feeder cattle futures took a hit Thursday, and lost the week’s gains, closing at about the same price as the previous Friday. The January contract settled at $139.80 and the March contract at $139.33.
“The market not only seems to have lost its recent gusto, but it also seems to be veering cautiously away from resistance levels,” Stewart remarked.
The December corn contract was up and down all week, eventually settling at $4.23 on Thursday, a few pennies off from the previous Friday. The latest CME Feeder Cattle Index was released Wednesday and was up several dollars from last Friday, at $139.87.
Colorado: Winter Livestock in La Junta sold 3,500 head last week. Calves sold uneven. Yearling feeder steers over 700 lbs. sold $2-3 higher and yearling feeder heifers over 700 lbs. sold steady to $3, with the higher advance on 800-850 lbs. Benchmark steers averaging 769 lbs. sold between $138-142.50, averaging $141.16.
Iowa: Russell Livestock in Russell sold 3,195 head last week. Compared to the week prior, steers under 600 lbs. were $6-13 higher, and 600-700-lb. steers sold $3 higher. The heavier steers ended mixed. Heifers under 600 lbs. were steady to $6 higher and heifers over 600 lbs. ended steady to $3 higher. Benchmark steers averaging 733 lbs. sold from $134.50-147.25, averaging $142.72.
Kansas: Winter Livestock in Dodge City sold 2,172 head last Wednesday. Compared to the last sale, feeder steers 600-850 lbs. sold steady; feeder steers 850-1,000 lbs. sold $3-4 lower. Steer calves 450-600 lbs. sold $3 higher. Feeder heifers 725-900 lbs. sold $1 lower. Heifer calves 400-725 lbs. sold steady.
Missouri: Joplin Regional Stockyards in Carthage sold 10,000 head last Monday. Compared to the week prior, steer calves under 650 lbs. sold $2-5 higher; steers over 650 lbs. sold $1-4 lower; heifers under 500 lbs. and over 800 lbs. sold steady; and heifers 500-800 lbs. sold $2-4 lower. Benchmark steers weighing 721 lbs. sold between $135-142.50, averaging $140.09.
Nebraska: Bassett Livestock Auction in Bassett, NE, sold 2,035 head last Wednesday. Compared with the prior week, 500-550-lb. steers traded $5 higher and 500-lb. heifers traded $2 higher. Demand was good with active internet bidding. Benchmark steers averaging 758 lbs. sold for $148.50.
New Mexico: Roswell Livestock Auction in Roswell sold 1,445 head Tuesday. Compared to the week prior: Steer calves under 600 lbs. sold steady, except value-added calves sold $8 higher; 600-700 lbs. sold $1 higher; over 700 lbs. sold $2 lower. Heifer calves under 600 lbs. sold mostly $2-4 higher; over 600 lbs. sold $1 higher on comparable quotes. A group of benchmark steers averaging 733 lbs. sold $120-126.50, averaging $124.80.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,500 head Monday. Compared to the week prior: Feeder cattle and calves traded steady to $3 higher. Demand was moderate to good. Quality was mostly average, with a few attractive. Benchmark steers weighing 767 lbs. sold between $139.50-148, averaging $141.72.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 3,496 head Monday. Compared to the week prior: Steer calves were not well compared with last week’s limited offering; heifer calves sold $1-3 higher except 500-600 lbs. sold $8-12 higher. Yearling feeder steers 800-850 lbs. sold $4-5 higher, and other weights were not well compared. Feeder heifers sold steady, except 750-800 lbs. sold $3-7 higher. Benchmark steers averaging 787 lbs. sold from $134.50-139.25, averaging $136.84.
Wyoming: Torrington Livestock in Torrington sold 4,887 head last Wednesday. Compared the last sale, yearling steers and heifers traded unevenly steady on a limited test. Steer calves under 600 lbs. sold $2-4 higher. Steer calves over 600 lbs. traded $4-6 higher with a few instances of $8 higher. Heifer calves traded $3-7 higher. — Anna Miller, WLJ editor
