Thursday markets
A surge in cash prices yesterday was not enough to send futures higher as the market closed mixed.
“CME cattle futures are ignoring good news,” Cassie Fish, market analyst, wrote in The Beef. “Really good news. Negotiated fed cattle prices were $6/cwt higher yesterday, making that $11 in two weeks. There are few times in history when cash prices have accelerated this dramatically. Cattle feeders are holding packers feet to the fire in a way never seen before.”
Live cattle futures were higher, with the June contract up $1.25 to $209.65 and the August contract up 60 cents to $204.65.
Cash trade was moderate, with 12,811 head sold. Live steers sold for $218-224, and dressed steers sold for $350.
Actual slaughter for the week ending April 19 was 577,626 head. The average steer dressed weight was 946 lbs., the same as a week earlier.
Boxed beef prices were mixed on 99 loads, with the Choice cutout down $2.14 to $343.17 and the Select cutout up $2.26 to $324.28.
USDA’s Weekly Export report showed that beef net sales of 12,900 metric tons (mt) for 2025 were up 25% from the previous week and up 6% from the prior four-week average. The three primary buyers were Japan (4,000 mt), South Korea (3,700 mt) and Mexico (1,400 mt).
Feeder cattle
Feeder cattle futures were mixed, with the May contract up 65 cents to $293.22 and the August contract down 57 cents to $294.45.
The CME Feeder Cattle Index was up 63 cents to $295.77.
“As the market seems to be showing that it’s finding some technical pressure, it’s likely feeder cattle prices will still be able to remain strong, despite what the board is doing, given that we are only weeks away from turnout season to grass, and that supplies are so thin,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Corn futures were lower, with the May and July contracts down 3 cents to $4.64 and $4.72, respectively.
Kansas: Winter Livestock in Dodge City sold 1,173 head on Wednesday. Compared to the last auction, feeder steers over 550 lbs. sold steady to $10 higher, while heifers over 550 lbs. sold steady to $8 higher. Steers and heifers under 550 lbs. were not well tested. Benchmark steers averaging 766 lbs. sold for $290-296, averaging $292.03.
Nebraska: Huss Livestock in Kearney sold 1,910 head on Wednesday. Compared to the previous auction, steers under 700 lbs. sold $5-10 higher, and over 700 lbs. sold steady to $5 higher. Heifers under 650 lbs. sold steady to $10 lower, and over 650 lbs. sold steady to $10 higher. Benchmark steers averaging 787 lbs. sold for $309.50-317, averaging $310.75.
New Mexico: Clovis Livestock in Clovis sold 878 head on Wednesday. Compared to the previous auction, steer calves 350-550 lbs. sold $9-15 higher, with instances of sharply higher. Feeder steers 600-850 lbs. were $3-12 higher. Heifer calves and feeder yearlings 500-650 lbs. sold $5-12 higher. A group of steers averaging 788 lbs. sold for $257-280, averaging $270.92.
Oklahoma: OKC West in El Reno sold 5,033 head on Wednesday. Compared to the last auction, feeder steers sold $3-7 higher and grass steers were $8-13 higher. Feeder heifers were unevenly steady, while grass heifers sold $3-6 higher. Steer and heifer calves sold steady to $5 higher, with 500-600 lbs. steers and heifers trading $10-15 higher. Benchmark steers averaging 731 lbs. sold for $310-322.50, averaging $316.98. — Charles Wallace, WLJ contributing editor
