Wednesday markets
“Cattle contracts merely tip-tapped into the day but as the noon hour approaches, support is building and has the feeder cattle market trading fully higher and the live cattle complex trading mixed,” ShayLe Stweart, DTN livestock analyst, reported in her midday livestock comments.
Support continued to build and momentum was found in both cash cattle trade and futures contracts. After several days of nonexistent cash trade, Wednesday’s trade picked up with 19,457 head changing hands. Live steers sold between $104-107, averaging $106.66. Live purchases in the Southern Plains traded $1 higher from last week. Trade in Nebraska and the western Corn Belt was limited on light demand and a market trend was unavailable.
The Fed Cattle Exchange sold 296 head of 634 head in their online sale today. The bulk of the week’s trade is expected to pick up Thursday and Friday. Dressed purchases sold from $160-164, averaging $161.56.
A total of 8,500 formula cattle were priced today, averaging 910 lbs. and $169.51.
Live cattle contracts were all up: the December contract up 5 cents to $107.87, February up 47 cents to $110.77, and April up 97 cents to $114.67.
Today’s slaughter is estimated at 119,000 head, up slightly from a week ago and a year ago. Boxed beef prices continue to see small gains, with the Choice cutout up 75 cents to $210.19 and the Select cutout up $1.60 to $197.05 on 166 loads.
Feeder cattle
“As the market continues to build support day upon day over the last week, the feeder cattle market is getting closer to the market’s 40-day moving average of $137.81,” Stewart said. “Warmer temperatures and dry conditions have been a blessing to cow-calf producers who are needing to ship calves and thankfully the weather’s break in snow and cold conditions has also helped sale barns this past week.”
Feeder cattle contracts were up across the board: The November contract was up $1.57, January up $1.97, and March up $1.72. The corn contract jumped 4 and a quarter cents to $4.05. The latest CME Feeder Cattle Index was up 54 cents to $138.57.
Torrington Livestock in Torrington, WY, sold 2,772 head today. Compared to last week, steer and heifer calves traded steady to $5 higher on a lighter offering than last Wednesday. Yearling steers and heifers also followed the same trend, trading $2-3 higher with a few instances of $5 higher on load lots. Benchmark steers averaging 725 lbs. sold between $153.50-155.50, averaging $154.08.
Hub City Livestock Auction in Aberdeen, SD, sold 3,273 head today. Compared to last week, the best test on yearling steers was 950-1,100 lbs. at $2-3 higher. The best test on yearling heifers was 900-950 lbs. at $3-4 lower. Steer calves 400-600 lbs. sold mostly steady with instances of $3 lower on 550-600 lbs., and $3-5 higher on 601-650 lbs. Heifer calves 450-600 lbs. sold $3-5 higher. Steers averaging 778 lbs. sold between $140-143.25, averaging $142.56.
Bassett Livestock Auction in Bassett, NE, sold 650 head today. There were a limited number of comparable offerings for steers and heifers, with 600-lb. steers trading $5 higher than last week. Demand was moderate to good. Steers averaging 633 lbs. sold between $152-160, averaging $156.04. — Anna Miller, WLJ editor
