Futures posted lower over the week and cash trade was slow to develop. Despite lower numbers on the board, regional auction markets reported good demand, especially for lightweight calves.
Live cattle futures were lower from a week earlier. The December contract lost about a dollar to close at $186.97, and the February contract lost $2.28 to close at $186.32.
Cash trade through Thursday totaled about 15,000 head. Live steers sold from $189-190, and dressed steers sold from $295-297.
“I don’t foresee feedlot managers letting cattle trade cheaper this week when they’re current enough with their showlists to simply roll them over if they don’t see the market prices in which they desire,” wrote ShayLe Stewart, DTN livestock analyst, in her Thursday midday comments.
Cash trade for the week ending Dec. 1 totaled 79,753 head. Live steers averaged $189.99, and dressed steers averaged $297.40.
Slaughter through Thursday totaled about 485,000 head, compared to a holiday-shortened 372,000 head a week earlier. Total slaughter for a week earlier is estimated at 528,000 head. Actual slaughter for the week ending Nov. 23 was 635,308 head. The average steer dressed weight was 952 lbs., 8 lbs. below the prior week.
Boxed beef prices traded mostly sideways over the week but closed mixed, with the Choice cutout down about $4 to $307.84 and the Select cutout up about $2 to $277.10.
Feeder cattle
Feeder cattle futures saw declines over the week. The January contract lost $3.85 to close at $254.92, and the March contract lost $5.02 to close at $253.60.
“The feeder cattle complex has been leading the cattle market’s surge as of late, but at this point in time, the feeder cattle complex seems to have grown weary of trading any higher and needs more market reassurance before they can successfully pressure resistance levels again,” Stewart said.
The CME Feeder Cattle Index gained over $5 to close at $260.47.
Corn futures were higher over the week with the December contract up 10 cents to $4.26 and the March contract up 7 cents to $4.28.
Colorado: Winter Livestock in La Junta sold 4,050 head on Tuesday. Compared to the last auction, feeder steers sold $5-9 higher, with instances of sharply higher across all weight classes. Feeder heifers sold mostly sharply higher across all weight classes. Benchmark steers averaging 721 lbs. sold for $250-273, averaging $264.79.
Missouri: Joplin Regional Stockyards in Carthage sold 9,500 head on Monday. Compared to a week earlier, feeder steers under 650 lbs. sold $5-30 higher at the mid-session. Feeder heifers under 500 lbs. sold $10-20 higher. Benchmark steers averaging 776 lbs. sold from $256-265, averaging $256.36.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,000 head on Monday. At the mid-session, feeder steers and heifers sold steady to $2 higher, except 700-800 lbs. sold $10 higher. Steer and heifer calves sold $5-10 higher with instances of up to $15 higher. Benchmark steers averaging 786 lbs. sold for $267. — Anna Miller, WLJ managing editor
