Thursday markets
The cattle market headed higher Thursday thanks to support from a strong export report.
“After a brutal week when crashing commodity sales have been the market’s focus, as well as the greater economic uncertainty, seeing even the smallest essence of support is relieving to the live cattle market,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were higher. The October contract gained $1.07 to close at $144.12, and the December contract gained $1.50 to close at $147.77.
About 7,000 head sold on Thursday. Live steers traded from $141-147, averaging $144.52. Dressed steers sold for $228. Total trade for the week so far is about 83,000 head—substantially more than previous weeks.
On the formula side, a total of 28,900 head averaging 887 lbs. sold for an average of $233.27.
Slaughter through Thursday was about 127,000 head, bringing the week’s total to 507,000 head. Actual slaughter for the week ending Sept. 17 was 572,780 head. Dressed steer weights were 918 lbs.
Boxed beef prices were mixed on 150 loads. The Choice cutout lost $1.47 to close at $246.08, and the Select cutout gained 57 cents to close at $219.78.
Beef net sales of 21,500 metric tons (mt) for 2022 were primarily for South Korea (7,300 mt), China (6,000 mt) and Japan (3,500 mt).
Feeder cattle
Feeder cattle futures were also higher today. The September contract gained 60 cents to close at $175.97, and the October contract gained $2.32 to close at $177.32.
The CME Feeder Cattle lost $1.52 to close at $175.94.
Corn futures were slightly lower, with the December contract down a penny to $6.69 and the March contract down less than a penny to $6.76.
“Feeder cattle sales have been extremely hit or miss throughout the countryside as drought related marketing strategies are having to be implemented by ranchers as drought remains a prevalent factor on most operations in the West and Midwest,” Stewart said.
Nebraska: Bassett Livestock Auction in Bassett sold 2,440 head on Wednesday. Compared to two weeks earlier, 850 lb. steers sold steady, and 900-950 lb. steers sold $4-8 lower. In comparable heifer offerings, 850 lb. heifers sold $4 lower. Benchmark steers averaging 829 lbs. sold between $181-185.75, averaging $183.40.
Wyoming: Torrington Livestock in Torrington sold 3,559 head on Wednesday. Compared to last week, feeder steers and heifers traded $3-5 lower earlier in the day, but as the day progressed, steers and heifers traded steady with a week earlier. Steer and heifer calves traded lower, with the exception of replacement quality heifers, which were in high demand. Benchmark steers averaging 771 lbs. sold from $172-187, averaging $180.70. — Anna Miller, WLJ managing editor
