Thursday markets
Live cattle and feeder cattle were down, and cash cattle struggled to reach $114.
“The live cattle contracts are trying to trade higher, but with cash cattle selling steady to somewhat weaker, the support to rally the contracts just isn’t there,” remarked ShayLe Stewart, DTN livestock analyst in her midday Thursday comments.
Cash live cattle traded at the $110-114 mark while dressed steers traded from $179-181.
Cash trade developed earlier in the week than usual, which could have contributed to lower prices. Typically, feedlots can fetch higher prices when they wait to sell later in the week.
Live cattle contracts traded lower: The April contract settled at $118.50 and the June contract at $116.97.
As of Thursday afternoon, the Choice cutout was sitting at $233.88 and the Select cutout at $221.68, down about $7 from the week prior.
Processing speeds have held strong, and slaughter for the week totaled 485,000 head.
Feeder cattle
Feeder cattle contracts lost several dollars from the week prior. The March contract settled at $135.10 and the April contract at $138.97. The CME Feeder Cattle Index was down several dollars to $136.07.
Corn prices were up and down all week, but still hover around the $5.50 mark. The March contract settled at $5.46 on Thursday.
Kansas: Winter Livestock in Dodge City sold 3,145 head Wednesday. Compared to the prior sale, feeder steers 700-975 lbs. sold $1-2 lower; six-weights sold $2 higher. Steer calves 400-600 lbs. sold steady to $2 lower. Steer and heifer three-weights sold $3-5 higher. Heifers 400-800 lbs. sold $2-4 lower. Feeder heifer eight-weights sold steady. Benchmark steers averaging 778 lbs. sold between $129-137.50.
Wyoming: Torrington Livestock in Torrington sold 4,555 head Wednesday. Compared to the week prior, steer and heifer calves under 700 lbs. traded steady to $2 lower. There was no test on cattle over 700 lbs. as there were limited numbers. Benchmark steers averaging 757 lbs. sold between $147.50-148. — Anna Miller, WLJ editor
