Friday markets
The latest Cattle on Feed report was released today and estimated cattle and calves on feed were up two percent from August 1, 2019. This is the highest August 1 inventory since reporting began in 1996.
Placements in feedlots during July were 11 percent above last year and marketings of fed cattle during July were 1 percent below last year. Other disappearance was 20 percent below 2019.
Cash trade today was moderate with light to moderate demand. Live purchases moved 50 cents higher at $106.50 compared to yesterday. The latest dressed prices were reported at $169. Cash trade has been slow on light demand in Colorado and limited on light demand in the Southern Plains and western Corn Belt.
Negotiated sales totaled 17,373 head, while formula sales totaled 26,000 head, averaging 867 lbs. at $168.39.
Today’s slaughter is estimated at 116,000 head, compared to 112,000 head a week ago and 117,000 head a year ago. The week’s slaughter to date is estimated at 586,000 head, a few thousand below the same week last year, but up about 10,000 head from last week. Tomorrow’s slaughter is estimated at 66,000 heads, up a few thousand head from last week but 9,000 head below last year.
Boxed beef prices continue to gain: the Choice cutout was up 56 cents to $225.94 and the Select cutout was up $2.68 to $208.99 on 75 loads.
CME futures lost their momentum today and were red across both boards. The live cattle contracts were all down over a dollar, with the August contract down to $105.80 and the October contract at $108.55. Feeder cattle contracts also lost some gains, with he August contract down 50 cents to $142.93 and the September contract down almost a dollar at $144.85.
The latest known CME Feeder Cattle Index was $143.90.
Feeder cattle
Mitchell Livestock Auction in Mitchell, SD, reported 3,168 receipts. Compared to last week, a steady to higher undertone was noted on feeder steers. Heifers 600-850 lbs. were steady to $4 higher.
Farmers and Ranchers Livestock Commission Co. in Salina, KS, reported 3,329 head this week, with steers 750-950 lbs. $2-4 higher with instances of $4 lower, and 750 lbs. and under steady. Heifers were mostly $1-4 higher.
Valentine Livestock Auction in Valentine, NE, had 3,185 receipts, with steers 850-950-lb. steers trading $1-4 lower. — Anna Miller, WLJ editor
