Thursday markets
Higher prices moved back into cattle futures today.
Live cattle futures were higher today, with the October contract up 97 cents to $125.75 and the December contract up $1.30 to $130.30.
Cash trade was moderate today, with 11,078 head selling between $122-125, averaging $123.78. Dressed steers sold between $195-196. Negotiated cash trading has been limited on moderate demand in Nebraska and the western Corn Belt. In the western Corn Belt, live purchases traded steady to $2 higher at $124, and a few dressed purchases traded steady at $196. On the formula side, 26,600 head averaging 880 lbs. sold for $201.71.
The special Fed Cattle Exchange auction, scheduled for Thursday morning, was paused during the middle of the sale due to technical difficulties. At the time of the sale pause, no sales had been reported.
Slaughter for today is projected to be 119,000 head, 1,000 head below last week. The actual slaughter for the week ending Oct. 2 was 639,870 head. USDA’s National Weekly Fed Cattle Comprehensive report showed carcass weights up 9 lbs. to 888 lbs. Quality grading was down 0.2 percent to 80.5 percent.
Boxed beef prices were higher on 143 loads, with the Choice cutout up 30 cents to $280.32 and the Select cutout up $1.98 to $260.68.
Feeder cattle
Feeder cattle futures followed live cattle futures, with the October contract up 77 cents to $158.42 and the November contract up $1.17 to $162.15. The CME Feeder Cattle Index was down 14 cents to $154.01.
“Uncertainty remains as to just how demand shifts in beef markets will impact overall feeder cattle trade,” Rick Kment, DTN contributing analyst, wrote in the midday comments. “But the recent pressure in corn and focus on year-over-year cattle supply losses is helping feeder cattle futures focus on tighter overall supply levels well into 2022.”
Corn futures were higher for the day, with the December contract up 4 cents to $5.16 and the March contract higher 3 cents to $5.25 a bushel.
South Dakota: Hub City Livestock in Aberdeen sold 3,743 head on Wednesday. Compared to last week, steers 900-1,000 lbs. and heifers 850-900 lbs. were steady. Calves were too lightly tested for comparison. There was good to very good demand for many strings, loads and packages of yearlings. Benchmark steers averaging 788 lbs. sold between $152.50-159.50 and averaged $156.86.
Oklahoma: OKC West in El Reno sold 5,548 head on Wednesday. Compared to last week, feeder steers sold steady to $3 higher. Feeder heifers traded $1-4 higher. Benchmark steers averaging 818 lbs. sold between $154-159, averaging $155.60.
Nebraska: Bassett Livestock in Bassett sold 4,290 head on Wednesday. Compared to the previous auction, steers 850-950 lbs. traded steady to $4 lower, and a group of spayed heifers averaging 848 lbs. traded $2 higher. Benchmark steers averaging 789 lbs. sold between $162.50-169 and averaged $165.88.
New Mexico: Clovis Livestock in Clovis sold 2,541 head on Wednesday. Compared to last week, steer and heifer calves sold unevenly steady with a lower undertone on fleshy unweaned offerings. There was no accurate comparison on feeders due to limited comparable sales. A group of steers averaging 715 lbs. sold for $129.25. — Charles Wallace, WLJ editor
