Thursday markets
“With boxed beef prices climbing higher and higher, the market stands firm, growing in confidence,” remarked ShayLe Stewart, DTN livestock analyst, in her Thursday comments.
“It’s been a great week for both the lean hog and cattle contracts as trader support has been superb and the market’s fundamentals keep encouraging higher trade as demand for both pork and beef proteins remains strong,” she continued.
The April contract was up to $119.55 and the June contract was up to $121.07.
Cash cattle traded higher from $113-116 and dressed steers sold from $183-185.
Slaughter as of Thursday totaled 475,000 head, compared with the prior week’s number of 453,000 head—slaughter was lower as a Nebraska plant was down for maintenance—and last year’s number of 492,000 head.
The Choice cutout was up higher to $236.45 and the Select cutout was up to $226.25.
“As COVID cases decline, both retail and hotel/restaurant trade will be planning springtime beef features,” remarked the folks at the Cattle Report. “Restaurants that have been closed or pared back are reopening and anticipate full dining capacity soon. Grocers will plan features on steaks for spring cookouts in the coming weeks.”
Feeder cattle
“When feedlots see steady fat cattle prices for weeks on end and rallying corn prices, there’s very little incentive for feeder buyers to want to jump into more calves,” Stewart said. “Thankfully, this week’s market has started building some optimism back into the market and things are starting to show opportunity, though the market still needs to secure significant positioning.”
Feeder cattle were higher, with the March contract at $136.15 and the April contract higher to $144.22. Thursday’s CME Feeder Cattle Index was reported at $135.62. May corn was lower by about 6 cents to $5.46.
Kansas: Winter Livestock in Dodge City sold 2,606 head Wednesday. Compared to the prior week, feeder steers 700-900 lbs. sold $3-4 higher; steer calves 400-700 lbs. sold $2-5 lower. Heifers 400-900 lbs. sold $5-6 higher. Benchmark steers averaging 781 lbs. sold between $134-139.
Nebraska: Bassett Livestock Auction in Bassett sold 3,155 head Wednesday. There was no recent market test for an accurate comparison. Demand was good with several buyers and high internet bidding. Fleshy benchmark steers averaging 741 lbs. sold for $136.
Wyoming: Torrington Livestock in Torrington sold 4,250 head Wednesday. Compared to the last sale two weeks ago, steers and heifers under 700 lbs. sold $8-10 higher. Feeder cattle over 700 lbs. traded mostly steady. Benchmark steers averaging 776 lbs. sold between $143-152. — Anna Miller, WLJ managing editor
