Thursday markets
Light cash trade in Kansas and Texas developed at $140, $4-5 higher than last week. The cattle complex closed mixed.
Live cattle closed higher, with the August contract up $1.40 to $140.60 and the October contract up 62 cents to $145.10.
Cash trade was active, with 25,525 head selling between $138-149, averaging $141.64. Dressed steers sold between $229-232 and averaged $229.37.
On the formula side, 31,800 head averaging 871 lbs. sold for $225.39.
Actual slaughter for the week ending July 30 was 666,168 head, 20,300 head higher than the same period last year. Steer dressed weights were 894 lbs., up 1 lb. from the prior week.
Slaughter for the day is projected to be 125,000 head, the same as last week.
Boxed beef prices were mixed on 103 loads, with the Choice cutout down 13 cents to $263.10 and the Select cutout up 38 cents to $237.46.
USDA’s Weekly Export report for the July 29-Aug. 4 period showed net sales of 14,600 metric tons (mt), up 22 percent from the previous week but down 17 percent from the prior four-week average. The increases were primarily for Japan (3,900 mt), South Korea (3,100 mt), Taiwan (2,000 mt) and China (1,800 mt). Exports were 20,800 mt, up 13 percent from the previous week and 11 percent from the prior four-week average.
Feeder cattle
Feeder cattle closed lower, with the August contract down 72 cents to $179.95 and the September contract down 40 cents to $184.60. The CME Feeder Cattle Index was up $1.53 to $178.06.
“Feeder cattle futures have been the weak spot on the quote sheet off-and-on Thursday morning, which should be no surprise when the feed markets are on another tear, but some contracts are posting light gains as we approach the noon hour,” Elaine Kub, DTN contributing analyst, wrote in the midday comments.
Corn closed higher, with the September contract up 8 cents to $6.29 and the December contract up 9 cents to $6.27.
“Soybean meal, up $10 per ton Thursday morning, is emphatically regaining its normal premium over DDGS and pricing itself out of many livestock feed rations but dragging the whole feed grains sector with it along the way,” Kub continued.
Kansas: Winter Livestock in Dodge City sold 2,381 head Wednesday. Compared to the last auction two weeks ago, steers 550-1,000 lbs. sold $13-20 higher. Heifers 475-900 lbs. sold $7-15 higher. A group of 111 thin fleshed steers averaging 718 lbs. sold between $185.25-188 and averaged $186.43.
Nebraska: Bassett Livestock in Bassett sold 3,065 head Wednesday. Compared to the previous auction, 660 lb. steers traded $3 higher, 800 lbs. traded steady and 950 lbs. traded $3 lower. Heifer offerings weighing 800 lbs. traded $5 higher. Benchmark steers averaging 765 lbs. sold between $199.50-200.75, averaging $199.84.
New Mexico: Clovis Livestock in Clovis sold 1,335 head Wednesday. Compared to the last auction, steers sold mostly steady to $3 higher. Heifers traded steady to $5 higher. Benchmark steers averaging 735 lbs. sold between $165-171 and averaged $169.66.
Oklahoma: OKC West in El Reno sold 9,686 head Wednesday. Compared to the previous auction, feeder steers sold $5-7 higher. Feeder heifers traded $2-4 higher. Demand was good for feeders, especially cattle over 900 lbs. Steer and heifer calves under 500 lbs. sold $10-14 higher, and over 500 lbs. were $2-4 higher. — Charles Wallace, WLJ editor
