Coming out of the Juneteenth holiday-shortened week and looking ahead to the Fourth of July holiday, cattle markets traded mostly higher as futures found support on the board.
Live cattle futures were able to recover a few dollars over the week. The June contract gained about $3 to close at $257.40, and the August contract gained less than a dollar to close at $247.22.
“Economic and war news will always drive the markets and maybe only secondarily the livestock prices,” the Cattle Report wrote on Thursday. “Oil continues lower providing hope for energy prices to moderate and help transportation costs for both live cattle and beef.”
Cash trade through Thursday totaled about 4,000 head. Live steers sold for $260, and dressed steers sold for $408.
“No cash cattle trade has developed yet, and bids and asking prices are both elusive at this point,” ShayLe Stewart, DTN livestock analyst, wrote in her Wednesday midday comments. “It’s most likely that trade will be delayed until Friday again, as feedlot managers will try to hold out in hopes that packers will up their bids when bidding does start.”
Cash trade for the week ending June 21 totaled 64,562 head. Live steers averaged $259.09, and dressed steers averaged $406.83.
Slaughter through Thursday totaled about 433,000 head, compared to 426,000 head a week earlier. Total slaughter for a week earlier is estimated at 526,000 head. Actual slaughter for the week ending June 13 was 526,875 head. The average steer dressed weight was 968 lbs., down 1 lb. from the prior week.
“The processors are hoping to revive beef demand by cutting back slaughter volumes and there should be a response in the coming week for box prices,” the Cattle Report said.
Boxed beef prices closed mixed over the week, with the Choice cutout up about $3 to $396.32 and the Select cutout down a penny to $374.74
“Heat can influence the markets and those affected are both human and animal,” the Cattle Report wrote. “Both Europe, where daily highs are breaking all time records, and the United States, where heat is rising in the plains, are being experienced by both cattle and people. Heat and humidity impact cattle performance and heat influences what people chose to eat.”
Feeder cattle
Feeder cattle futures traded higher over the week, with the August contract up about $7 to close at $373.30, and the September up about $7 to close at $371.37.
The CME Feeder Cattle Index gained $2.83 to close at $375.83.
Corn futures traded mixed. The July contract lost 3 cents to close at $4.14, and the December contract gained 3 cents to close at $4.43.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers under 600 lbs. sold steady to $10 lower. Heavier weights sold $5-15 higher. Feeder heifers sold from $5 lower to $20 higher. Benchmark steers averaging 781 lbs. sold from $363-400, averaging $382.33.
Oklahoma: Oklahoma National Stockyards inOklahoma City sold 4,021 head on Monday. Compared to a week earlier, feeder steers over 800 lbs. sold $5-15 higher and under 800 lbs. sold $1-3 higher. Feeder heifers sold $5-15 higher. Steer calves sold $8-15 higher, and heifer calves sold $10-20 higher. Benchmark steers averaging 784 lbs. sold from $373-385, averaging $382.73.
Iowa: Russell Livestock in Russell sold 1,429 head on Monday. There was no comparison noted with the last sale held three weeks earlier. Demand was good, especially for cattle under 400 lbs. A small group of benchmark steers averaging 753 lbs. sold for $415.
South Dakota: Sioux Falls Regional in Worthing sold 1,023 head on Monday. Compared to a week earlier, there was a much lighter offering with higher undertones noted. There was very good demand for full loads of backgrounded yearlings. Benchmark steers averaging 788 lbs. sold for $370. — Anna Miller Fortozo, WLJ managing editor
