Friday markets
The grain markets shot higher today despite a disappointing export report, pushing cattle futures lower.
Live cattle closed slightly lower, with the August contract down 60 cents to $133.95 and the October contract down 90 cents to $138.95.
Cash trade was light, with 3,596 head selling between $137-150, averaging $144.13. Dressed steers averaged $230.75. On the formula side, 30,600 head averaging 854 lbs. sold for $229.01.
Slaughter for the day is projected to be 125,000 head. Saturday’s estimate is 88,000 head, bringing the weekly total to an estimated 593,000 head.
Boxed beef prices were lower on 91 loads, with the Choice cutout down 18 cents to $267.89 and the Select cutout down 73 cents to $241.85.
Feeder cattle
Feeder cattle were lower, with the August contract down 75 cents to $171.72 and the September contract down $1.32 to $174.72. The CME Feeder Cattle Index was up $5.49 to $168.39.
Corn was higher despite a poor export report, with the July contract up 31 cents to $7.78 and the September contract up 24 cents to $6.33.
Kansas: Pratt Livestock in Pratt sold 1,295 head Thursday. Compared to the previous auction, feeder steers 800-975 lbs. sold $3-6 higher on light receipts. There was no recent comparison on heifers 700-975 lbs. However, a higher trend was noted. There were not enough steer or heifer calves for a market test. A group of steers averaging 653 lbs. sold for $159.
Nebraska: Valentine Livestock in Valentine sold 3,350 head Thursday. There wasn’t a recent test of the market for an accurate comparison on steers or heifers. Demand was good, with several buyers and active internet bidding. Benchmark steers averaging 769 lbs. sold between $200-212 and averaged $206.02.
South Dakota: Mitchell Livestock in Mitchell sold 3,687 head Thursday. Compared to the previous auction, a lower undertone was noted on steers up to 900 lbs. Steers 900-950 lbs. were steady, and steers 1,050-1,100 lbs. sold $3 lower. Heifers 800-1,000 lbs. were unevenly steady. Benchmark steers averaging 770 lbs. sold between $170-175.75, averaging $172.80. — Charles Wallace, WLJ editor
