The cattle market traded steady to higher following the Labor Day holiday weekend.
Live cattle futures saw some modest gains over the week. The October contract gained about $2 to close at $216.40, and the December contract also gained about $2 to close at $218.52.
Cash trade for the week through Thursday totaled about 1,300 head. Live steers sold for $218, and dressed steers sold for $355.
Cash trade for the week ending Sept. 6 totaled 65,193 head. Live steers averaged $219.54, and dressed steers averaged $344.98.
Slaughter through Thursday totaled about 329,000 head compared to 412,000 head a week earlier, lighter in volume due to the holiday-shortened slaughter week. Total slaughter for a week earlier is estimated at 526,000 head. Actual slaughter for the week ending Aug. 29 was 546,000 head. The average steer dressed weight was 969 lbs., up 2 lbs. from the prior week.
“This past week the slaughter volume declined as packers attempted to stem the decline seasonally caused by post Labor Day demand for beef,” the Cattle Report wrote on Thursday. “Profits have returned to the packers and they are hoping for a continuation rather than a brief respite.”
Boxed beef prices were higher over the week. The Choice cutout gained about $2 to close at $378.37, and the Select cutout gained about $2 to close at $352.06.
“It is important to remember that spot box prices are much like spot cash prices for live cattle. Most boxes are sold under formulas and do not always have the same fluctuations as the spot market,” the Cattle Report remarked.
Feeder cattle
Feeder cattle futures experienced gains over the week. The September contract gained about $6 to close at $331.82, and the October contract gained about $5 to close at $326.57.
The CME Feeder Cattle Index lost $1.75 to close at $327.43.
Corn futures traded lower. The September contract lost 3 cents to close at $5.12, and the December contract lost 9 cents to close at $5.31.
“Finally summer heat is transitioning into fall’s more moderate temperatures. The next two months are the largest marketing periods of the year for replacement cattle,” the Cattle Report said.
Several auction yards did not hold sales Monday in observance of the Labor Day holiday.
Kansas: Winter Livestock inDodge City sold 860 head on Wednesday. Compared to a week earlier, heifers 650 lbs. and over sold steady to $3 higher. Steers and heifers under 650 lbs. sold $20 higher. There were not enough feeder steers for a market test. A group of benchmark steers averaging 792 lbs. sold for $331.50.
South Dakota: Hub City Livestock in Aberdeen sold 2,565 head on Wednesday. Compared to the previous auction, steers 950-1,099 lbs. sold $9-12 higher. The best test on heifers was 950-999 lbs., which sold $9-11 higher. A lot of steers averaging 874 lbs. sold from $333-349.25, averaging $345.02.
Wyoming: Torrington Livestock in Torrington sold 2,904 head on Wednesday. Compared to a week earlier, feeder steers and heifers traded $10-20 higher. Steer and heifer calves sold sharply higher. Benchmark steers averaging 739 lbs. sold from $372-375, averaging $373.35. — Anna Miller Fortozo, WLJ managing editor
