Last week was another disappointment, this time in the area of negotiated cash fed cattle trade.
Packers were able to buy cattle $3 cheaper last week compared to the week before. Negotiated cash fed cattle trade came in at volume on Thursday last week, with almost 50,000 head confirmed sold for the week and almost all of that done that day. Prices were $119-123 (avg. $122.09) live and $194-196 ($194.68) dressed.
Cash feeder cattle were also something of a disappointment. Following on wider market losses on coronavirus fears dragging futures lower, the feeder auctions held last week saw widespread price declines. Medium and large #1 class steers weighing 700-800 lbs. were still hanging on to averages in the $140s, but the pressure was noticeable.
Iowa: The Russell Livestock Feeder Cattle sold over 1,000 more head of feeders last week than it did the week before. Where comparable, steers were down $10 for pee-wee calves, $1-3 lower for mid-weights, and $5-8 lower for anything over 750 lbs. Heifers were similar with light calves selling for $10 lower, and mid-weights were down $3-6. Two lots of #1, 7-weight yearling steers sold for $133.75-150.
Missouri: The offering of feeders last week at the Joplin Regional Stockyards was down about 1,500 head. Where comparable, light steers were called steady, while those over 550 lbs. were down $4-6. Light heifers were steady to $3 higher and those over 600 lbs. were down $1-3. Demand was called moderate to good for light calves, and light to moderate for heavy calves and yearlings. Lower prices were largely blamed on the impact of coronavirus fears on the markets overall. Several lots of benchmark steers sold between $134-145.50, inclusive of the one lot of unweaned calves.
Montana: The Miles City Livestock Commission sold almost triple to number of feeders last week compared to the week before. Where comparable, steers sold steady to $5 lower for light-weight calves, and down $4-7, with instances of down $10, on mid-weight steers. Light heifers were too lightly tested for a trend. Mid-weight heifers traded widely from steady to down $10, with preference going for lighter weights. Quality was called plain to attractive with several load lots of backgrounded calves drawing moderate demand. Two small lots of #1, 7-weight yearling steers sold between $141-145.
Nebraska: The Bassett Livestock Auction sold 5,550 head of feeders last week. At more than 2,000 head over the prior week’s sale volume, there were few comparable sales. Mid-weight steers were unevenly steady, with 7-weights trading $4 down. Light heifers were $6 lower and mid-weights were unevenly steady. Demand was called good with several buyers turning out on the warm, sunny day for the sale. Cattle were in good, dry condition. Two large lots of #1, 7-weight steers sold between $145.25-156.50.
Oklahoma: Over 12,600 head of feeders sold last week at the National Stockyards. This was roughly steady with the prior week in terms of numbers, but prices were down $3-6 on steers and $4-7 on heifers. Calves were down $6-9 on steers and $1-6 on heifers. Price declines were blamed on market jitters related to the coronavirus. Several lots of benchmark yearling steers, including a couple of value-added lots, sold between $135-146.
South Dakota: The sales offering more than doubled last week at the Philip Livestock Auction. Compared to the sale two weeks prior, prices on steers were up $10 for light calves, mixed up $3 and down $2 on mid-weights, and $2-4 lower on heavier steers. Most heifers were up $2-3, save for those over 650 lbs., which were down $4. Two massive lots of benchmark yearling steers sold between $139.00-153.75.
Wyoming: the Torrington Livestock Feeder Cattle Action saw lower offering numbers and mixed prices last week. Steers under 650 lbs. were unevenly steady with some up $3, but heavier steers were down $4-6. Heifers under 550 lbs. were unevenly steady, and heavier heifers were down $4-5. Two lots of #1, 7-weight yearling steers ranged from $136-143.75.
Near-term futures were mostly down last week. Settlements as of Thursday afternoon were as follows: February live, $121.78 (-$3.07 compared to the Friday, Jan. 24 settlement); April live, $120.20 (-$4.10); January feeders, $142.45 (+60 cents); and March feeders, $135.65 (-$4.03).
The beef cutouts were also the only part of the market that saw a bit of black ink. Over the course of the week, the Select cutout gained a net 78 cents with a Thursday close of $211.48. The Choice cutout on the other hand was down a net $1.14 with $213.35. — Kerry Halladay, WLJ editor
