Wednesday markets
The last time cash cattle prices were this low for this week of October was in 2016. Cash trade has been limited on light demand in the Southern Plains but moderate in Nebraska. Compared to last week in Nebraska, live trade has traded $3 lower from $104-105 and dressed purchases have traded $4-7 lower from $162-165. A total of 18,193 head sold at between $102-106.50.
CME live cattle futures have continued their downward trend from the end of last week. The October contract lost 48 cents to $103.65 and December lost 88 cents to $104.58.
Today’s slaughter is estimated at 121,000 head, 2,000 head more than both last week and last year. Boxed beef cutouts took a dip today on 207 loads; the Choice cutout was down $2.13 to $208.47 and the Select cutout was down 76 cents to $190.91. The Choice cutout this time in 2016 was $182.
Feeder cattle
“As the market eroded earlier in the week to prices not seen since the later part of first quarter, traders saw an opportunity to jump back into the marketplace as prices were low,” ShayLe Stewart, DTN livestock analyst, said. “For cattlemen selling calves this week, the market’s change of tune is helpful, but buyers are still leery of the shaky marketplace and see rising corn prices as another burdening factor.”
CME feeder cattle futures were mixed: The October contract was down 10 cents to $134.40 and the November contract was up 38 cents to $131.15. The December corn contract continues to climb and gained 5 cents to settle at $4.13.
Philip Livestock Auction in Philip, SD, sold 7,340 head Tuesday. Compared to last week, feeder steers 400-600 lbs. sold $2-4 lower; 600-750 lbs. sold $4-6 lower. Feeder heifers 450-500 lbs. sold steady; 500-650 lbs. sold $2-4 lower; 650-850 lbs. sold $3 lower; 850-950 lbs. sold $4-6 lower. Nearly all of the supply was home-raised, fully vaccinated, and carrying light to moderate flesh with favorable weighing conditions. Steers averaging 675 lbs. sold from $138-152.25, with an average price of $148.28.
Winter Livestock Auction in Riverton, WY, sold 4,964 head yesterday. Compared to the week prior, on a yearling and calf special, feeder calves were under pressure on an uneven market—steers calves under 550 lbs. sold steady with instances of $5-10 lower; 450-550 lbs. sold steady with instances of $2-3 higher. Heifer calves sold steady to $5-7 lower with instances of $8-10 lower. Yearling heifers sold steady to $3-4 lower; over 850 lbs. sold steady with instances of $5 higher. Steers averaging 565 lbs. sold between $138.75-152.60 with an average of $144.64. — Anna Miller, WLJ editor
