Wednesday markets
It was another slow day for cattle futures today. There was a moderate amount of cash trade that took place, but at prices about a dollar lower than last week.
“Seeing live cattle futures trade lower is never a positive feeling for cattle enthusiasts but seeing cattle trade for lower money with delivery delayed for three weeks is even more painful,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were mixed, with the April contract up 57 cents to $118.95 and the June contract down 40 cents to $115.45.
The Fed Cattle Exchange hosted their weekly online auction today, although a market report was not released by WLJ press time. A total of 38,755 head traded on the cash market today, selling between $118-120. Dressed steers sold from $188-191. On the formula side, 12,500 head averaging 874 lbs. sold for $193.59.
Boxed beef prices were mixed on 130 loads, with the Choice cutout up $1.51 to $292.50 and the Select cutout down 53 cents to $279.
Slaughter for the day is projected at 120,000 head, on trend with last week, but 45,000 head higher than the same time last year during the peak of COVID-19.
Feeder steers
It was another loss for feeders today, with the April contract down 32 cents to $133.87 and the May contract down 90 cents to $134.97. Corn prices finally dropped, although only 9 cents, bringing the May contract to $6.86. July corn lost 10 cents to close at $6.44. CME reported its latest Feeder Cattle Index down 14 cents to $135.07.
Colorado: Winter Livestock in La Junta sold 552 head Tuesday. Compared to the last sale, feeder steers sold steady and heifers sold steady to $2 lower, with a decline on 500-600 lbs. A group of steers averaging 589 lbs. sold between $150-152.
Kansas: Winter Livestock in Dodge City sold 1,930 head Wednesday. Compared to the prior sale, feeder steers 725-1,000 lbs. sold $1-3 lower and steers 600-725 lbs. sold $3-4 higher. Heifers 650-850 lbs. sold steady to $2 lower and heifers 500-600 lbs. sold $1-2 higher. Benchmark steers averaging 756 lbs. sold for $145. — Anna Miller, WLJ editor
