A holiday-shortened slaughter schedule and light trade volumes closed out the last week of May. However, tighter beef supplies boosted boxed beef values.
Live cattle futures traded sideways over the week. The June contract lost 10 cents to close at $215.52, and the August contract lost 43 cents to close at $210.07.
Cash trade through Thursday totaled about 12,000 head. Live steers sold from $220-233, and dressed steers sold for $368.
“Not surprisingly, show lists in Kansas and Texas were up while Nebraska was down,” the Cattle Report wrote. “Packers will seize on the anticipated volume to regain some bargaining power with the retailers. Cattle owners will attempt to maintain their leverage on cash prices.”
Cash trade for the week ending May 25 totaled 55,464 head. Live steers sold for $227.61, and dressed steers sold for $361.76.
Slaughter through Thursday totaled 355,000 head, down about 116,000 head compared to a week earlier due to the holiday-shortened week. Total slaughter for a week earlier is projected at 570,000 head. Actual slaughter for the week ending May 17 was 566,109 head. The average steer dressed weight was 938 lbs., 7 lbs. below the previous week.
“This week’s slaughter is on track to be one of the smallest Memorial Day week slaughters on record,” wrote the Cattle Report. “The shortfall in beef cuts is propelling interest from retailers and more upside is expected narrowing the losses at the beef plants.”
Boxed beef prices were higher, with the Choice cutout up about $5 to close at $366.09 and the Select cutout up about $2 to close at $353.64.
USDA released its latest Cattle on Feed report on May 23. As of May 1, total cattle and calves on feed in the U.S. totaled 11.4 million head, down 2% from last year. Placements were 3% lower, and marketings were also 3% lower. Other disappearance totaled 50,000 head, 11% below 2024.
Feeder cattle
Feeder cattle futures traded steady to higher over the week. The August contract gained about 20 cents to close at $299.92, and the September contract gained about $4 to close at $298.85.
“Helping matters is the fact that most of the nation is expected to get moisture next week which will help with summer pasture and potentially keep drought at bay for some areas,” wrote ShayLe Stewart, DTN livestock analyst, in her Thursday midday comments.
The CME Feeder Cattle Index lost $1.55 to close at $296.09.
Corn futures traded lower, down 12 cents to $4.59 on the July contract and down 10 cents to $4.27 on the September contract.
Missouri: Ozarks Regional Stockyards in West Plains sold 1,015 head on Tuesday. Compared to the last auction, feeder steers and heifers sold steady. Steer and heifer calves sold steady to weak. Benchmark steers averaging 789 lbs. sold for $295-303, averaging $295.89.
Nebraska: Bassett Livestock Auction in Bassett sold 2,992 head on Wednesday. There were no trends noted as sales have not been held in recent weeks. Benchmark steers averaging 724 lbs. sold from $334-359, averaging $350.06.
Oklahoma: OKC West in El Reno sold 7,833 head on Wednesday. Compared to the last auction, feeder steers and heifers sold steady to $5 higher. Heifers returning to grass traded $7-11 higher. Steer and heifer calves sold $8-13 higher. Benchmark steers averaging 761 lbs. sold for $300-316, averaging $311.50.
Wyoming: Torrington Livestock in Torrington sold 2,127 head on Wednesday. There were no trends noted as there was not a sale held a week earlier. Benchmark steers averaging 781 lbs. sold from $315-336, averaging $320.42. — Anna Miller, WLJ managing editor
