Thursday markets
Cash cattle prices have made new highs for the year in June, reaching the highest price since 2015, and they are still holding on the cusp of July, according to Cassie Fish, market analyst, in The Beef.
There was a chunk of cash trade today, with 6,879 head sold. Live steers sold between $137-150, averaging $146.42. Dressed steers sold between $230-234, averaging $232.81. On the formula side, 24,600 head averaging 858 lbs. sold for an average of $232.75.
Live cattle futures were higher, with the June contract up $1.20 to $138 and the August contract up 40 cents to $132.47.
“The gust of support that’s infiltrated the cattle market has largely come from the feeder cattle market as sales are reporting sharply higher prices and the corn market is again trading lower,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Slaughter for the day is estimated at 124,000 head, bringing the week’s total to 499,000 head.
Boxed beef prices were lower on 102 loads, with the Choice cutout down 88 cents to $264 and the Select cutout down 24 cents to $240.57.
“The heavy production of the past few weeks has placed plenty of beef for absorption into the marketplace,” wrote the Ag Center in the Cattle Report. “Retailers, purchasing for a post Fourth of July period, will be cautious with inventory levels—not wanting to have excess inventories if consumer demand fades.”
Feeder cattle
“If you’ve been paying attention to feeder cattle sales this past week, you know and understand just how strong the cash feeder cattle market is,” Stewart said. “Thankfully Thursday’s board has come to its senses and is now trading higher as the market absorbs the robust sales that Wednesday reported and the lower corn prices in Thursday’s market.”
Feeder cattle futures were higher, with the August contract up $2.87 to $173.60 and the September contract up $2.45 to $176.22.
The CME Feeder Cattle Index gained $2.36 to close at $166.44.
Corn futures took a hit today, with the July contract down 26 cents to $7.43 and the September contract down 35 cents to $6.28.
Nebraska: Bassett Livestock Auction in Bassett sold 7,340 head on Wednesday. Although there was not a recent market test for an accurate price comparison, demand was very good. Benchmark steers averaging 784 lbs. sold between $183.25-196, averaging $189.56. — Anna Miller, WLJ managing editor
