There were some slight shifts in the marketplace following the Trump administration’s Wednesday announcement about imposing widespread tariffs.
“There remain multiple unknowns, including if and when any U.S. trading partners will announce any retaliatory tariffs of their own,” wrote Cassie Fish, market analyst, in The Beef on Thursday.
Live cattle futures traded steady over the week but closed slightly lower. The April contract lost about a dollar to close at $208.05, and the June contract also lost about a dollar to close at $204.70.
“When glancing at a chart, CME live cattle futures seem to be developing a sideways, or distribution pattern near their highs, this being the third week,” Fish said. “This makes sense given the continued solid footing in cattle and beef fundamentals combined with plenty of outside market uncertainty. Sideways, for now, seems a safe bet.”
Cash trade through Thursday totaled about 12,000 head. Live steers sold from $208-213, and dressed steers sold from $335-345. “This is viewed as friendly in the face of lower futures,” Fish said.
Cash trade through March 30 totaled 62,630 head. Live steers averaged $212.21, and dressed steers averaged $337.83.
Slaughter through Thursday totaled about 472,000 head compared to 485,000 head a week earlier. Total slaughter for a week earlier is projected at 609,000 head. Actual slaughter for the week ending March 22 was 557,527 head. The average steer dressed weight was 950 lbs., 3 lbs. above the prior week.
“This week was a win for processors who lowered production cost with the larger slaughter, held cash prices mostly steady, and enjoyed rising prices on box sales,” the Cattle Report said on Thursday.
Boxed beef prices were mixed over the week, gaining about $3 on the Choice cutout to $338.37 and losing about $2 on the Select cutout to $317.84.
Feeder cattle
Feeder cattle futures also closed lower, down about $2 on the April contract to $285.40 and the May contract also down about $2 to $282.12.
“The market has additional concerns about how these newly instated tariffs will impact not only short-term trade and buying decisions, but also long-term market activity,” read DTN’s midday comments on Thursday.
The CME Feeder Cattle Index lost $4.37 to close at $291.27.
Corn futures closed higher, up 7 cents on the May contract to $4.57 and up 7 cents on the July contract to $4.65.
Colorado: Winter Livestock in La Junta sold 2,857 head on Tuesday. Compared to the last auction, feeder steers sold $5-7 higher, with instances of sharply higher across all weight classes. Feeder heifers sold $5-9 higher, with instances of sharply higher across all weight classes. Benchmark steers averaging 729 lbs. sold for $283-294, averaging $289.80.
Missouri: Joplin Regional Stockyards in Carthage sold 10,000 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. sold steady to $8 lower with heavier weights steady to $2 higher. Feeder heifers sold steady to $7 lower. Benchmark steers averaging 773 lbs. sold from $284-307, averaging $292.71.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, feeder steers and steer calves sold steady to $5 lower. Feeder heifers and heifer calves sold steady to $5 higher except 500-700 lbs. sold $1-5 lower. Benchmark steers averaging 785 lbs. sold from $288-300, averaging $291.22. — Anna Miller, WLJ managing editor
