The cattle market found stronger footing ahead of the Easter holiday, with futures rebounding and cash trade finding strength.
Live cattle futures recovered their losses over the week, up $9 on the April contract to $209.82 and up more than $9 to $204.07 on the June contract.
Cash trade through Thursday afternoon totaled about 15,000 head. Live steers sold from $208-212, and dressed steers sold from $332-335.
“Two very small slaughters for the first two weeks of April have not phased the cattle feeder, who is content to feed cattle as long as it suits them,” wrote Cassie Fish, market analyst, in The Beef on Wednesday. “Most are calling this week’s cash trade higher, believing that despite multiple margin woes and export troubles, packers will pay up again.”
Cash trade totaled 52,705 head for the week ending April 13. Live steers averaged $207.83, and dressed steers averaged $327.86.
Slaughter through Thursday totaled about 477,000 head, compared to 463,000 head a week earlier. Total slaughter for a week earlier is estimated at 564,000 head. Actual slaughter for the week ending April 5 was 586,034 head. The average steer dressed weight was 949 lbs., 5 lbs. above a week earlier.
Boxed beef prices traded mixed over the week, losing under $2 to $332.90 on the Choice cutout and gaining $1.43 to $316.39 on the Select cutout.
“The chuck is likely suffering from the interruption in beef exports, though the rib and loin are trading at record high levels for mid-April,” Fish said on Thursday. “Packers likely need to replenish their inventory following last week’s light buy, even with the curtailed slaughter for the third consecutive week.”
USDA released its latest Cattle on Feed report on Thursday as the market was closed Friday ahead of the Easter holiday. Cattle and calves on feed totaled 2% lower than year-ago levels. Placements were 5% higher, and marketings were 1% higher. Other disappearance totaled 4% below 2024.
Feeder cattle
Feeder cattle futures sailed higher to recover earlier gains, up more than $10 to $293.35 on the April contract and up more than $10 to $286.85 on the May contract.
The CME Feeder Cattle Index lost $2.58 to close at $288.03
Corn futures traded sideways, down a penny to $4.82 on the May contract and up 2 cents to $4.90 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to a week earlier, feeder steers under 675 lbs. sold $10-30 higher with heavier weights selling $5-10 higher. Feeder heifers under 625 lbs. sold $15-25 higher with heavier weights selling $5-10 higher. Benchmark steers averaging 771 lbs. sold from $278-289, averaging $283.45.
Oklahoma: Oklahoma National Stockyards sold 3,693 head on Monday. Compared to the previous sale, feeder steers over 800 lbs. sold $4-10 higher and under 800 lbs. sold $20-25 higher. Feeder heifers sold $10-20 higher. Steer calves sold $4-10 higher. Heifer calves sold $20-30 higher. Benchmark steers averaging 771 lbs. sold from $286-299, averaging $292.27. — Anna Miller, WLJ managing editor
