Friday markets
“Compared to last week, steers and heifers sold steady to $4 lower,” according to the National Feeder and Stocker Cattle Summary. “Last Friday’s Cattle on Feed Report had July placements marked at 111 percent of a year ago, and the industry stood up and took notice.”
The cattle complex has been under pressure all week long.
“The market this week is locating where excess supplies of cattle are found and packers are now telling us it is everywhere,” reported the Cattle Report this afternoon. “As box prices soar, live prices fall.”
Cash trade was very limited today, with only 1,142 cattle trading on the market. There were not enough purchases in any region for a market test, but live prices have varied this week from $104-106. Dressed prices have varied from $166-167, mostly at $167.
“The cash cattle market hasn’t been the breath of fresh air the industry would gladly welcome but instead the markets held out to be quiet through Friday’s morning trade,” said DTN Livestock Analyst ShayLe Stewart. “Packers are putting feelers out throughout the feeding regions to see what’s still for sale and who’s willing to sell, but thus far trade has been extremely quiet.”
CME Futures slumped today. Live cattle contracts were up 25 cents for August at $103.23, but down $1.25 to $104.90 for October and down 85 cents to $108.50 for December. Feeder cattle contracts were down across the board; August down $1.20 to $140.03, September down 98 cents to $140.18 and October down $1 to $140.60. The latest known CME Feeder Cattle Index was down 58 cents to $143.02.
Boxed beef prices were mixed today with Labor Day weekend looming over the horizon. On 114 loads, the Choice cutout was down $2.14 to $229.40 and Select was up 60 cents to $214.86.
Estimated slaughter this week so far is reported at 654,000 head, 2,000 head more than last week and 1,000 head more than last year. Saturday’s slaughter is expected at 66,000 head.
Auction volume this week included 54 percent weighing over 600 lbs. and 40 percent heifers. — Anna Miller, WLJ editor
