(Editor’s note: Due to the Thanksgiving holiday and an early WLJ press time, this market report includes information only from Monday and Tuesday.)
Ahead of the Thanksgiving holiday, the market traded mostly sideways and uneventfully.
Live cattle futures closed modestly higher. The December contract gained 25 cents to close at $175, and the February contract gained 75 cents to close at $176.07.
“Monday’s price shifts appear to have satisfied traders’ expectations following last week’s Cattle on Feed report, with limited overall short- or long-term market direction being focused on until after Thanksgiving,” DTN wrote on Tuesday.
Cash trade for the beginning of the week was light, with less than 2,000 head sold through Tuesday afternoon. Live steers sold from $176-177, and dressed steers sold for $280. On the formula side on Tuesday, a total of 30,800 head averaging 890 lbs. sold for an average of $290.72.
“Cash cattle trade may not occur until Friday, despite Thursday’s Thanksgiving holiday,” Cassie Fish, market analyst, wrote in The Beef on Tuesday. “Packers will need to replenish inventory. The week after Thanksgiving is historically a big slaughter week so there is plenty of product in the pipeline heading into Christmas and New Year’s.”
Cash trade through Nov. 19 totaled 61,794 head. Live steers averaged $177.84, and dressed steers averaged $281.81.
The national weekly direct beef type price distribution for the week of Nov. 13-20 was the following on a live basis:
• Negotiated purchases: $177.90.
• Formula net purchases: $185.63.
• Forward contract net purchases: $172.49.
• Negotiated grid net purchases: $188.24.
On a dressed basis:
• Negotiated purchases: $281.90.
• Formula net purchases: $294.56.
• Forward contract net purchases: $282.50.
• Negotiated grid net purchases: $296.20.
Slaughter through Tuesday was estimated at 251,000 head, on pace with a week earlier. Total slaughter for a week earlier is estimated at 636,000 head. An actual slaughter report for the week ending Nov. 11 was not yet available.
Boxed beef prices were lower over the week. The Choice cutout lost about a dollar to close at $295.81, and the Select cutout also lost a little over a dollar to close at $268.77.
The Cattle on Feed report released Nov. 17 showed total cattle on feed for October up 2% to 11.9 million head. Placements were 4% higher than 2022, and marketings were 3% lower. Other disappearance was 2% higher than last year.
Feeder cattle
Feeder cattle futures were modestly higher. The January contract gained 82 cents to close at $228.32, and the March contract gained just over a dollar to close at $231.22
The CME Feeder Cattle Index lost $2 to close at $226.76.
Corn futures were slightly lower, with the December contract down a few pennies to $4.70 and the March contract down 4 cents to $4.89.
“Trade volume remains very light, and limited pre-holiday activity is likely to keep markets generally undirected and moving within a choppy, but moderate price range over the next few days,” DTN wrote.
Iowa: Russell Livestock in Russell sold 2,134 head on Monday. Compared to a week earlier, steers sold mostly $2 higher to sharply higher. Heifers sold lower, with 500-600 lb. heifers selling $3 lower to sharply lower. A group of benchmark steers averaging 755 lbs. sold for $226.
Missouri: Joplin Regional Stockyards in Carthage sold 11,000 head on Monday. Compared to a week earlier, feeder steers over 625 lbs. sold $5-10 higher and feeder heifers over 600 lbs. sold $6-10 higher. Benchmark steers averaging 778 lbs. sold from $239-250.50, averaging $243.03.
New Mexico: Roswell Livestock in Roswell sold 1,808 head on Monday. Compared to the last auction, steer calves 300-400 lbs. sold $10-15 higher, while 400-600 lbs. sold $5-15 lower. Feeder steers sold $9-12 higher. Heifer calves 300-400 lbs. were steady to $2 lower, 400-500 lbs. sold steady to $9 higher and 500-600 lbs. were $3-8 lower. Feeder heifers had insufficient numbers last week to compare. Benchmark steers averaging 718 lbs. sold between $209-232, averaging $218.11.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,400 head on Monday. Compared to a week earlier, feeder steers and heifers continued to not be well tested at the mid-session. Steer and heifer calves suitable for what pasture traded $4-10 higher. Benchmark steers averaging 777 lbs. sold for $233.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,738 head on Monday. Compared to the last auction, steers 700-750 lbs. sold $3-5 higher. Yearling steers 850 lbs. sold $5 lower. There were not enough heifers sold this week for an accurate comparison. Benchmark steers averaging 766 lbs. sold between $223-231, averaging $228.16. — Anna Miller, WLJ managing editor
