Market Wrap-Up: May 20, 2022 | Western Livestock Journal
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Market Wrap-Up: May 20, 2022

Anna Miller Fortozo, WLJ managing editor
May. 20, 2022 2 minutes read
Market Wrap-Up: May 20, 2022

Friday markets

Markets rounded out the week on a lower note—in peak summer doldrums.

Live cattle futures were mixed today, with the June contract up 7 cents to $131.57 and the August contract down 47 cents to $131.55.

Cash trade was mostly inactive to close out the week, with 923 head averaging $140. On the formula side, a total of 19,200 head averaging 853 lbs. sold for an average of $228.94.

“To be fair to the market and understand its seasonality, keep in mind that prices all fall lower heading into the summer months as supplies of market-ready cash cattle become ample,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.

Slaughter for the day is estimated at 123,000 head. With tomorrow’s slaughter projected at 58,000 head, slaughter for the week is looking like 680,000 head.

Boxed beef prices were mixed today but mostly lower. The Choice cutout gained 47 cents to close at $262.17, and the Select cutout lost $3.04 to close at $243.02.

USDA released its latest Cattle on Feed report, which noted a higher inventory by 2 percent. Placements were 1 percent lower, and marketings were 2 percent lower. Other disappearance totaled 2 percent lower.

Feeder cattle

Feeder cattle futures sank lower another day. The May contract lost 72 cents to close at $153.40, and the August contract lost $1.27 to close at $163.92.

The CME Feeder Cattle Index lost 41 cents to close at $153.05.

Corn futures were also lower, with the July contract down 4 cents to $7.78 and the September contract down 3 cents to $7.47.

“When the live cattle market’s deferred 2022 contracts held substantial premium to the spot market, feeders were hopeful that the input prices that it requires to feed cattle today would be compensated with stronger fat cattle prices toward the year’s end,” Stewart said.

“However, as the live cattle market falls under pressure, feeders are thankful to see the corn market’s regression but are uneasy as the live cattle market isn’t seeing the support it had earlier.”

Kansas: Winter Livestock in Pratt sold 3,748 head on Thursday. Compared to last week, feeder steers 850-950 lbs. sold steady to $2 lower. Feeder heifers 800-1,000 lbs. sold $3-6 lower. Benchmark steers averaging 746 lbs. sold between $151-156.50, averaging $156.41. — Anna Miller, WLJ managing editor

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