Thursday markets
Markets ended the upward streak, closing slightly lower.
Live cattle were mixed, with the February contract up 47 cents to $141.60 and the April contract down 15 cents to $146.75.
Cash trade was moderate, with 19,239 head selling between $138-140, averaging $139.60. Dressed steers sold between $220-222 and averaged $221.54. Negotiated cash trade in the Southern Plains has been moderate. In the Texas Panhandle, compared to last week, live purchases traded $3 higher at $140. In Kansas, compared to the prior week, live purchases traded $3-4 higher from $139-140. Thus far for Thursday in Nebraska and the western Corn Belt, negotiated cash trading has been limited on light to moderate demand.
On the formula side, 32,500 head averaging 904 lbs. sold for $221.21.
The Fed Cattle Exchange auction listed 1,759 head, of which 465 from Texas sold for $140. Opening bids were $137, while reserve prices were $139-140.50.
Slaughter for the day is projected to be 117,000 head, a thousand below a week ago.
The actual slaughter for the week ending Jan. 22 was 637,168 head. Steer carcass weights were 925 lbs., up 3 lbs. from the previous week.
Boxed beef prices were lower on 134 loads, with the Choice cutout down $1.69 to $281.46 and the Select cutout down $3.10 to $276.47.
USDA’s Weekly Export report for the Jan. 21-27 period showed net sales of 20,100 metric tons (mt) for 2022. Exports were 16,900 mt, primarily to South Korea (5,900 mt), Japan (4,700 mt), China (1,900 mt), Taiwan (1,200 mt) and Mexico (1,100 mt).
Feeder cattle
Feeder cattle were higher midday but closed the day lower, with the March contract down 15 cents to $166.72 and the April contract down 2 cents to $171.80. The CME Feeder Cattle Index was up 32 cents to $159.25.
“Although outside markets are skittish Thursday morning, traders in the feeder cattle futures market have so far been able to ignore any risk-off inclinations and instead focus on another day cheaper corn, with most corn contracts falling and dipping below $6.20,” Elaine Kub, DTN contributing analyst, wrote in the midday comments.
Corn futures were lower throughout the trading day, with the March and May contracts down 5 cents to $6.16 and $6.17, respectively.
Kansas: Winter Livestock in Dodge City sold 1,084 head Wednesday. Compared to the last auction, feeder steers 700-850 lbs. sold $1-4 higher. Steers 450-700 lbs. sold steady with light receipts. Heifers 500-900 lbs. sold $4-5 higher with some weights advancing up to $9 higher. Benchmark steers averaging 798 lbs. sold for $158.
Nebraska: Bassett Livestock in Bassett sold 2,985 head Wednesday. Compared to the previous auction, steers 500 lbs. traded $3 lower, and 750 lbs. traded $9 higher. Heifer offerings 450 lbs. traded $16 higher, and 550-650 lbs. sold steady to $6 higher. Benchmark steers averaging 759 lbs. sold between $167.50-179, averaging $176.21.
Oklahoma: OKC West in El Reno sold 4,754 head Tuesday. Compared to the last auction, feeder steers under 800 lbs. traded $2-4 higher, while over 800 lbs. traded $2-6 lower. Feeder heifers were steady to firm. Steer and heifer calves sold $3-5 higher. Due to inclement weather, both the calf sale on Tuesday and feeders on Wednesday were combined. Benchmark steers averaging 774 lbs. sold between $153.50-157 and averaged $155.95.
South Dakota: Hub City Livestock in Aberdeen sold 5,711 head Wednesday. Compared to the last auction, steers 500-650 lbs. sold $5-9 higher, 651-700 lbs. were not well tested and 701-900 lbs. were $2-4 higher. Heifers 550-650 lbs. were steady to $2 higher, while 651-750 lbs. sold mostly steady with instances up to $6 higher. Benchmark steers averaging 728 lbs. sold between $168.75-179.75, averaging $173.08.
Wyoming: Torrington Livestock in Torrington sold 4,599 head Wednesday. Compared to the previous auction, steer and heifer calves sold mostly steady, with the exception of a 550-600 lbs. heifer selling $3 higher. Benchmark steers averaging 734 lbs. sold between $175-180 and averaged $175.66. — Charles Wallace, WLJ editor
