Thursday markets
Markets were lower today, perhaps still recovering from USDA’s bearish corn report released yesterday.
The April contract closed Thursday at $120.02 and the June contract at $122.55.
Cash trade trended higher all week, with live steers selling in the $115-119.50 range. Dressed steers sold in the $185-188 range.
Slaughter through Thursday totaled 471,000 head, compared to 475,000 head the same time a week prior.
While ham is typically the Easter meat of choice, beef climbed higher in the ranks this year due to low ham stocks and tighter hog supplies.
As of Thursday, the Choice cutout was sitting at $249.47 and the Select cutout was at $244.70, up over $10 respectively from the week prior.
Feeder cattle
Feeders were unable to recover from their Wednesday stumble, but were able to hold steady with the April contract at $143.87 and the May contract at $149.22. The May corn contract closed the day at $5.59. CME reported its latest Feeder Cattle Index Thursday morning at $140.35, up some change from the day prior.
“Elevated feed prices have been a known feature of the cattle feeding business in 2021 for several months already, so perhaps Wednesday’s boost to corn prices wasn’t such a surprise,” remarked Elaine Kub, DTN contributing analyst.
Wyoming: Torrington Livestock in Torrington sold 3,559 head Wednesday. Compared to the prior week, steer and heifer calves traded mostly steady. Benchmark steers averaging 772 lbs. sold between $140-150.75. — Anna Miller, WLJ editor
