(Editor’s note: This report contains market information available as of Tuesday afternoon due to an earlier Thanksgiving press schedule.)
The markets were reactive over the holiday-shortened week. A bullish Cattle on Feed report was largely forgotten after headlines were dominated by Tyson closing a Nebraska beef plant and limiting production at a Texas plant.
“Having sufficient shackle space is a big concern for grassroot producers and the thought of losing availability is rather concerning,” wrote ShayLe Stewart, DTN livestock analyst, in her Monday midday comments.
All cattle futures contracts began the week limit down.
Live cattle futures lost about $7 apiece from Thursday to Tuesday. The December contract closed at $207, and the February contract closed at $207.32.
Cash trade through Tuesday afternoon totaled about 23,000 head. Live steers sold from $208-210, and dressed steers sold from $325-330.
Cash trade for the week ending Nov. 23 was 58,052 head. Live steers averaged $217.35, and dressed steers averaged $343.35.
Slaughter through Tuesday afternoon totaled about 245,000 head, compared to 237,000 head a week earlier. Slaughter for the week was anticipated to be smaller due to the Thanksgiving holiday. Total slaughter for a week earlier is projected at 585,000 head. Total slaughter for two weeks earlier was not available because of the holiday.
Boxed beef prices traded mostly steady over the week, closing at $370.09 for the Choice cutout and $355.93 for the Select cutout.
USDA released its latest Cattle on Feed report on Nov. 21. Total cattle and calves on feed as of Nov. 1 totaled 11.7 million, 2% below last year. Placements were 10% lower, and marketings were 8% lower. Disappearance totaled 54,000 head, 2% below 2024.
“The crash in the cattle markets has left Friday’s (Cattle on Feed) report a recent memory and only a confirmation that supplies of cattle will not be increasing anytime soon,” wrote the Cattle Report on Monday. “More immediate concerns are the plant closing and administration attack on beef prices and coping with the sharp readjustment in prices.”
Feeder cattle
Feeder cattle futures also opened the week limit down, but found some recovery on Tuesday. Still, futures closed lower on Tuesday compared to the prior Thursday. The January contract lost about $9 to close at $307.07, and the March contract lost about $8 to close at $300.87.
“Traders seem to be recovering some position that was lost on Monday, but it’s more a technical reaction than a decision being made because more confidence has truly been established in the marketplace,” Stewart said on Tuesday.
The CME Feeder Cattle Index lost $3.64 to close at $336.38.
Corn futures have traded mostly sideways. The December contract lost 3 cents to close at $4.23, and the March contract gained a penny to close at $4.38.
Iowa: Russell Livestock in Russell sold 4,020 head on Monday. Compared to the last auction, steers sold sharply lower and heifers mostly sold $3-27 lower. Benchmark steers averaging 718 lbs. sold from $320-356, and averaged $341.06.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to the last sale, feeder steers and heifers sold $5-20 lower in uneven trading. Benchmark steers averaging 757 lbs. sold from $326-351, averaging $342.58.
New Mexico: Roswell Livestock in Roswell sold 999 head on Monday. Compared to the previous auction, steer and heifer calves sold sharply lower and steer yearlings 600-800 lbs. were sharply lower. Feeder heifers had insufficient numbers to compare, but a strong undertone was noted. Benchmark steers averaging 767 lbs. sold from $260-277, averaging $270.62.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 3,302 head on Monday. Compared to a week earlier, all classes of cattle were lightly tested. Feeder steers and heifers sold $10-20 lower. Steer and heifer calves sold $20-30 lower, and heifer calves sold up to $40 lower. Benchmark steers averaging 730 lbs. sold from $317.50-326.50, averaging $322.97.
South Dakota: Sioux Falls Regional in Worthing sold 1,931 head on Monday. Compared to a week earlier, there were too few steer and heifer calves to make full price comparisons, but much lower undertones were noted. Yearling feeder steers and heifers sold $30-50 lower. A group of benchmark steers averaging 758 lbs. sold from $300-322, averaging $307.88. — Anna Miller Fortozo, WLJ managing editor
