Thursday markets
Cattle futures traded uncertainly today, but cash trade through the week already totals more than 120,000 head.
Live cattle contracts traded mostly lower. The April contract was unchanged for its last day of trading, and the June contract lost $1.12 to close at $133.90.
There was some cash trade today, with 3,338 head sold. Live steers sold from $146-148, and dressed steers sold from $232-233. Through Thursday afternoon, over 120,000 head had traded on the cash market! On the formula side, a total of 39,300 head averaging 883 lbs. sold for an average of $229.29.
Slaughter for the day totaled 123,000 head, bringing the week’s total to 498,000 head. The same time last week, slaughter totaled 483,000 head. USDA released actual slaughter for the week ending April 16, which totaled 637,700 head. Total slaughter was down due to limited slaughter on Saturday.
Boxed beef prices were mixed on 168 loads. The Choice cutout gained 69 cents to close at $262.60, and the Select cutout lost $1.26 to close at $251.06.
“The USDA released actual slaughter and carcass weight data this morning and steer carcasses averaged 909 pounds, a record high for mid-April and 11 pounds above a year ago, the prior record,” wrote Cassie Fish, market analyst, in The Beef. “It will be 5-6 weeks before weights bottom seasonally.”
Feeder cattle
Feeder cattle contracts were mostly mixed today. The April contract lost 27 cents to close at $155.92, and the May contract gained 60 cents to close at $157.95.
The CME Feeder Cattle Index gained 15 cents to close at $156.36.
Corn futures traded mostly sideways, with the May contract up less than half a penny to $8.16 and the July contract up a penny to $8.13.
“The feeder cattle complex has been a ping pong ball jump and diving to whatever signal the corn market makes,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments. “When corn prices are upward of $7 and $8 per bushel, they can send the feeder cattle complex spiraling lower, regardless of whatever the live cattle sector is doing.”
Kansas: Winter Livestock in Dodge City sold 2,564 head on Wednesday. Compared to a week earlier, feeder steers 500-975 lbs. sold $2-5 lower. Feeder heifers 800-900 lbs. sold steady to $2 higher. Yearling heifers 500-800 lbs. sold $2-6 lower. — Anna Miller, WLJ managing editor
