Last week saw the cash portions of the market continue their upward track, while the futures faltered and succumbed to apparent profit taking.
By the close of trade on Thursday last week, the cutouts had made a net gain of about $2, with Choice closing at $241.06 and Select closing at $215.84. There were higher prices posted on Wednesday when the cutouts had reached $242.34 and $217.53 respectively.
Wednesday however saw rather sudden triple-digit losses in the futures markets. Both boards, as well as other agricultural futures, were well into the red. This came after solid gains were made earlier in the week, so the week-to-week result was a sort of lower sideways action.
The settlements on Thursday and the net week-to-week changes were as follows: December live, $119.08 (-13 cents); February live, $124.93 (-10 cents); November feeders, $146.63 (-37 cents); and January feeders, $144.05 (-$1.83).
The negotiated cash fed cattle markets were up about $1-2 last week compared to the week before. By close of trade Thursday, over 53,000 head of negotiated cash fed cattle had been confirmed sold at prices mostly at $114-116.50 (average $115.44) live and $182-182.50 ($182.05) dressed.
Cash feeder cattle were also mostly up. Prices for medium and large #1 steers weighing 700-800 lbs. were mostly in the $140s and $150s, but there were distinct discounts noted for unweaned calves.
Colorado: There were almost 1,000 head fewer feeder cattle sold last week at the Winter Livestock auction of La Junta. Despite the decline, there were still well over 6,000 head of feeders that sold. Steer calves were steady to up $2 while heifer calves were steady to up $1 with instances of $3-5 higher on 4-weights and calves over 600 lbs. Trade was called active on good demand. Several lots of benchmark steers sold, with a lot of unweaned calves setting the base of $139 and a large lot of light yearlings topping it at $148.
Iowa: Sales were up at the Denison Livestock auction, and prices were really up. Steers were called steady to up $7 compared to the prior week and heifers were called steady to up $8. Number 1, 7-weight steers ranged from $139-151.50.
Kansas: The feeder volume was fairly steady last week at the Winter Livestock auction of Pratt, but there were too few comparable sales for a market trend. A lower undertone was noted. The #1 offering tilted towards the heavy with only a couple lots of 7-weight steers offered. They sold between $132-147.50.
Missouri: Offerings increased last week at the Jopling Regional Stockyards and, in some cases, so did prices. Steers under 700 lbs. were called steady while heavier steers were steady to up $4. Light heifers were down $3-5, and unevenly steady for heavier heifers. Two large lots of benchmark steers sold between $143-159.
New Mexico: The Clovis Livestock Auction sold more feeder cattle last week at higher prices. Light feeder steers were up $2-4 with instances of up $8-11 on 4-weights. Heavier steers were steady to up $2. Unweaned steers were steady to lower on comparable sales. Heifers were called mostly steady as a group, but unweaned heifers were down $2. Two lots of unweaned benchmark steer calves sold between $119-127.
Oklahoma: Over 8,000 head of feeders sold last week at the Oklahoma National Stockyards. Even this impressive number was down considerably from that auction’s volume from the week before. On comparable sales steers were called steady to down $4, while heifers were down $2 for calves and $4-5 for yearlings. Benchmark yearling steers sold between $141-152.50, while one lot of unweaned steer calves averaged $135.
Washington: Last week at the Toppenish Special Feeder Cattle Auction the number of offered feeders was roughly half of what it had been at the last special sale. Where comparable, steers were steady on lightweights and down $6-10 on anything over 650 lbs. Heifers were steady to up $10 if under 700 lbs. and were called a weak steady to down $4 if heavier. Number 1, 7-weight steers sold narrowly at $138.50-139.50. — Kerry Halladay, WLJ editor
