Thursday markets
Markets were green across the board.
Live cattle contracts were higher today, with April up 52 cents to $119.47 and the June contract up 60 cents to $116.05. With the April contract set to expire at today’s close, trading was active on the June and August contracts.
“Seeing a brisk movement of cattle through Wednesday’s trade, the market will most likely see prices continue to trade in an already-established range for the week,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “There’s yet to be any bids renewed and asking prices in the South are posted at $120 while dressed cattle in the North are priced at $192.”
A total of 5,390 head traded on the cash market today, with steers selling between $119-120, averaging $119.15. Dressed steers sold between $188-195, averaging $190.59. On the formula side, 27,900 head averaging 864 lbs. sold for $195.01.
Boxed beef prices traded higher on 125 loads for the day, with the Choice cutout up $1.26 to $293.76 and the Select cutout up 79 cents to $279.79.
Slaughter for today is projected at 119,000 head, just slightly above last week and well above last year’s COVID-affected numbers of 83,000 head.
Feeder cattle
Feeder cattle also trended upwards, with the April contract up 60 cents to $134.47 and the May contract up 87 cents to $135.85. Stewart said as the April contract is set to expire, “traders have jumped into the May and August contracts and hope by then the complex will have seen more support from a stronger cash cattle market.” The CME Feeder Cattle Index was lower 15 cents to $135.07.
Corn was up today, with the May contract up 15 cents to $7.02 a bushel and June higher 4 cents to $6.48 a bushel.
South Dakota: Hub City Livestock in Aberdeen sold 4,644 head on Wednesday. Compared to last week, steers 650-900 lbs. sold mostly steady, with instances up to $2 higher on 750-800 lbs. and 850-900 lbs., and 901-950 lbs. traded $3-5 lower. Heifers 600-700 lbs. and 750-800 lbs. sold $3-5 lower. Benchmark steers averaging 763 lbs. sold for $149.98.
Wyoming: Torrington Livestock in Torrington sold 1,336 head on Wednesday. Compared to the previous sale, steer calves sold steady to $4 higher with a few instances of $6 higher. Heifer calves traded $2-5 lower on a limited test to last week on all classes. Benchmark steers averaging 761 lbs. sold for $157.10. — Charles Wallace, WLJ editor
