Friday markets
After a week of gains, the cattle complex ended the week mixed.
Live cattle futures were slightly higher, with the October contract up 30 cents to $125.57 and the December contract higher 15 cents to $130.25. October live cattle were up $2.95 for the week.
“Similar to feeder cattle trade, live cattle futures have been unable to break above the 40- or 100-day moving average price levels, leaving the market still vulnerable to another round of pressure early next week,” Rick Kment, DTN contributing analyst, wrote in the midday comments. “Next week’s moves in wholesale beef values and cash markets will likely be extremely important in helping to sustain further commercial buyer support.”
Cash trade was light today, with 2,962 head selling between $122-123. Dressed steers sold between $193-195, averaging $193.70. On the formula side, 29,800 head averaging 877 lbs. sold for $199.25.
According to Kment, “Reports of a few cattle sold in Colorado at $124 per cwt are seen Friday morning—this is not unexpected and would be steady with trade already seen during the week. Trade in the South developed at mostly $124 per cwt—this is steady with last week’s Texas trade, but $1 higher than the weekly average in Kansas, and even though overall sales totals and averages are still unavailable, the tone is steady to firm with last week’s market.”
Slaughter for today is projected to be 116,000 head and 58,000 head for Saturday’s projected slaughter. Weekly slaughter is projected to be 657,000 head, 20,000 above last week. The actual slaughter for the week ending Sept. 25 was 642,571 head.
Boxed beef prices were lower on 104 loads, with the Choice cutout down $2.03 to $283.27 and the Select cutout down $1.70 to $262.74.
Feeder cattle
After a week of triple-digit gains, feeder cattle closed the day slightly lower. The October contract was down 87 cents to $159.47, and the November contract was down 45 cents to $161.15. October feeder cattle were up $4.47 for the week. The CME Feeder Cattle Index was higher 92 cents to $153.80.
Corn futures were lower today, with both the December and March contracts down 3 cents to $5.30 and $5.39 a bushel, respectively.
Kansas: Pratt Livestock in Pratt sold 1,619 head on Thursday. Compared to last week, feeder steers 675-950 lbs. sold steady to $2 higher. There were not enough steers under 675 lbs. for a market test. Feeder heifers 550-900 lbs. sold steady to $2 higher. There were no sales on heifers under 550 lbs. for a market test. Benchmark steers averaging 772 lbs. sold for $163.
Nebraska: Valentine Livestock in Valentine sold 2,895 head on Thursday. Compared to last week, steers 500-600 lbs. traded steady to $6 lower, while there were no comparable offerings for heifers. Benchmark steers averaging 667 lbs. sold between $164.25-178.50 and averaged $171.59.
Montana: Billings Livestock Commission in Billings sold 6,040 head on Thursday. Compared to the previous auction, feeder cattle were scarcely tested, as the last sale featured bred cows, thus comparisons are not available. Today’s sale comprised mostly spring-born calves. A group of unweaned steers averaging 631 lbs. sold between $155-168 and averaged $161.66.
South Dakota: Mitchell Livestock in Mitchell sold 2,492 head on Thursday. Compared to last week, there were very few steers this week, so a trend is not applicable. Steers 1,050-1,100 lbs. sold $10 higher. Heifers 800-950 lbs. sold $3-5 higher. A group of steers averaging 869 lbs. sold between $159.50-166, averaging $165.34. — Charles Wallace, WLJ editor
