Thursday markets
Cash trade had picked up by today and live steers sold from $106-110—mostly at $110. Dressed steer purchases were too light for a market trend for most of the week, but were selling between $169-173 Thursday.
“Feedlots are wishing that with the stout advancement in the boxed beef market Thursday morning and the reignited support that’s allowing the live cattle contracts to trade higher, that they would have waited until later in the week to market their cattle,” ShayLe Stewart, DTN livestock analyst, remarked in her Thursday midday comments.
By Thursday, the February live cattle contract was trading at $114.10 and the April contract was at $119.95.
“Watching the April board continues to be a top priority and with Thursday’s advancement the contract has now moved to long-term highs and is on the edge of trading at $120,” Stewart said.
Slaughter through Thursday totaled 469,000 head—on trend with the week prior, but about 20,000 head behind the same time last year. Total slaughter for the week ending Jan. 15 was reported at 651,000 head, on trend with the week prior.
Boxed beef prices continued to increase: The Choice cutout was up $2.29 to $221.20 and the Select cutout was up $3 to $210.28 on 127 loads.
Feeder cattle
Feeder cattle contracts have mostly traded based on the corn contracts and whether they hold steady or suddenly skyrocket. As of Thursday, the March corn contract was sitting at $5.24.
In comparison, feeder cattle contracts continued to trade higher and the January and March contracts were at $135.87 and $139.15, respectively. The latest CME Feeder Cattle Index was reported at $133.19.
Kansas: Winter Livestock in Dodge City sold 3,381 head Wednesday. Feeder steers 800-950 lbs. sold $2 higher. Steer calves 400-450 lbs. sold $3 higher. Heifer calves 300-500 lbs. sold $2-5 lower and heifers 500-700 lbs. sold $2-5 higher. Benchmark steers averaging 783 lbs. sold between $130.35-140 and averaged $132.35.
Nebraska: Bassett Livestock Auction in Bassett sold 2,800 head Wednesday. Compared to the previous sale, steers 500-700 lbs. traded unevenly steady and heifers 500-600 lbs. traded steady to $5 lower. Benchmark steers averaging 719 lbs. sold between $141-146, and averaged $143.39.
Wyoming: Torrington Livestock in Torrington sold 6,687 head Wednesday. Compared to the prior sale, steer and heifer calves sold $2-3 lower. Benchmark steers averaging 732 lbs. sold between $138-148 and averaged $144.63. — Anna Miller, WLJ editor
