Thursday markets
Cattle futures opened lower on unconfirmed rumors of another strike at a meatpacking facility, but clawed back mostly higher after traders shrugged off the news.
“Rumors surfaced about a possible labor dispute at yet another major fed cattle processing facility,” wrote Cassie Fish, market analyst, in The Beef. “There hasn’t been anything reported by the press, but that plant is expected to lose kill today and tomorrow. It’s thought this dispute can be worked through in a few days, but again, the details are not known publicly.”
Live cattle futures closed slightly higher, with the April contract up 22 cents to $247.10 and the June contract 42 cents higher to $243.47.
Cash trade was active, with 24,181 heads old. Live steers sold for $244-246, and dressed steers sold for $386.
On the formula side, 23,500 head averaging 959 lbs. sold for an average of $393.29.
ShayLe Stewart, DTN livestock analyst, wrote in her midday comments that trade has been reported Thursday morning in Nebraska at $386, which is steady with Wednesday’s business and $2 lower than last week’s weighted average. “The South is also seeing some live sales marked at $246, which is also steady with Wednesday’s business and $2 lower than last week’s weighted average,” Stewart continued.
Today’s slaughter is estimated to be 106,000 head, 2,000 head above last week.
Actual slaughter for the week ending April 11 was 509,986 head. The average steer dressed weight was 982 lbs., up 1 lb. from the previous week.
Boxed beef prices were slightly lower on 105 loads, with the Choice cutout down 69 cents to $383.50 and the Select cutout down 75 cents to $382.58.
Feeder cattle
Feeder cattle futures closed mixed, with the April contract 17 cents lower to $366.80 and the May contract 45 cents higher to $358.72.
The CME Feeder Cattle Index was 93 cents lower to $373.44.
Corn futures closed higher, with the May and July contracts up a penny to $4.55 and $4.63, respectively.
Kansas: Winter Livestock in Dodge City sold 2,182 head on Wednesday. Compared to the last auction, steers and heifers 700 lbs. and up sold $5-10 lower, except for 2 to 3 loads of fancy steers. Steers and heifers under 700 lbs. sold steady. Benchmark steers averaging 775 lbs. sold for $368-373, averaging $369.38.
Nebraska: Bassett Livestock in Bassett sold 6,345 head on Wednesday. No recent market test for an accurate comparison; therefore, a trend will not be given for steers or heifers. Benchmark steers averaging 787 lbs. sold for $398.50-403, averaging $402.39.
Oklahoma: OKC West in El Reno sold 9,147 head on Wednesday. Compared to the last auction, feeder steers sold $5-10 lower. Feeder heifers traded $10-15. Steer and heifer calves sold $10-15 lower, conservatively. Benchmark steers averaging 765 lbs. sold for $367-387, averaging $378.79.
South Dakota: Hub City Livestock in Aberdeen sold 3,834 head on Wednesday. Compared to the last auction, steers 850-899 lbs. $10-15 lower, and 900-1,049 lbs. traded $4-8 lower. Heifers 700-749 lbs. sold mostly steady, and 750-799 lbs. traded $4-10 lower. Benchmark steers averaging 760 lbs. sold for $383-404, averaging $395.03. — Charles Wallace, WLJ contributing editor
