Thursday Markets
Cattle markets were mixed today.
“The momentum in the cash cattle market continues to grow and thrive,” said ShayLe Stewart, DTN livestock analyst, in her midday comments. “Looking at boxed beef prices Thursday morning, the rally in the cash market needs to continue as demand is excellent. More cattle should trade before the end of the week and it is likely packers will have to give a little more to secure these cattle.”
Live cattle contracts were mixed. The April contract was up $1 to $124.15, while the June contract was down 25 cents to $125.03.
The USDA reported Thursday’s cash trade was limited on light demand in the Southern Plains, Nebraska, and the western Corn Belt and at a standstill in Colorado. There were not enough purchases in any region for a full market trend. A total of 10,254 head sold between $123-125 with an average of $123.76. Dressed steers sold between $194-196. Formula purchases were 29,600 head, averaging 859 lbs. and selling for $188.25.
Boxed beef prices were several dollars higher with the Choice cutout up $4.19 to $270.50 and the Select cutout up 8.64 to $263.83 on 110 loads.
Today’s slaughter is expected to be 119,000 head, higher than last week’s 113,000 head and above last year’s 98,000 head.
Feeder cattle
The feeder market was lower today with the April contract down half a dollar to $147.12. The May contract was lower $1.07 to $151.60.
“Feeder cattle futures are still anxious to trade higher and are being positively charged by the action developing throughout the cash cattle market,” remarked Stewart. “But the healthy rally in Thursday morning’s corn market has sent the feeder contracts slightly lower.”
Corn traded higher today with the May contract up 19 cents to $5.79 a bushel. The July contract was higher 16 cents to $5.62 a bushel.
Nebraska: Bassett Livestock Auction in Bassett sold 6,300 head Wednesday. Compared to the prior sale two weeks ago, 500-lb. steers traded steady, 600-800-lb. steers traded $8-15 higher, 450-650-lb. heifers traded $7-15 higher. Benchmark steers averaging 759 lbs. sold between $151-157. — Charles Wallace, WLJ editor
