Thursday markets
Some profit-taking by investors and questions about cash trade resulted in cattle futures closing slightly higher.
“The livestock complex has been met with some more technical opposition today than it was faced earlier in the week,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “More than anything, the cattle contracts seem to be questioning whether cash cattle prices will be higher this week. If so, it’s likely that traders will again turn the contracts higher, but they’re still waiting patiently for trade to develop.”
Live cattle closed mixed, with the April contract up 80 cents to $213.50, the June contract down 10 cents to $208 and the August contract up 22 cents to $204.10.
Cash trade was light, with 2,423 head sold. On the formula side, 31,600 head averaging 936 lbs. sold for an average of $336.17.
“The negotiated fed cattle trade has yet to get underway in earnest either, cattle feeders fully expecting higher prices and packers barraged with bearish problems,” Cassie Fish, market analyst, wrote in The Beef. “Beef exports are well behind a year ago and the outlook there is pessimistic. Domestic demand is tepid for now despite four weeks of reduced slaughter. Retail beef prices last month surged to the highest point ever, making even a bull wonder how high is too high.”
Today’s slaughter is estimated to be 116,000 head, 4,000 head lower than a week earlier.
Actual slaughter for the week ending April 12 was 563,972 head. The average steer dressed weight was 946 lbs., 3 lbs. below the week prior.
Boxed beef prices were higher on 101 loads, with the Choice cutout up $1.73 to $333.70 and the Select cutout up $1.83 to $316.35.
USDA’s Weekly Export report showed beef net sales of 10,300 metric tons (mt) for 2025 were down 41% from the previous week and 11% from the prior 4-week average. The three primary buyers were South Korea (3,200 mt), Japan (1,900 mt) and Hong Kong (1,300 mt).
Feeder cattle
Feeder cattle futures closed slightly higher, with the May contract up 72 cents to $289.07 and the August contract up 52 cents to $292.70. The CME Feeder Cattle Index was up 19 cents to $288.97.
Corn contracts closed higher, with the May contract up 5 cents to $4.77 and the July contract up 4 cents to $4.84.
Kansas: Winter Livestock in Dodge City sold 2,534 head on Wednesday. Compared to the last auction, feeder steers over 550 lbs. sold steady with a softer undertone, while heifers over 550 lbs. sold $10-15 higher. Steers and heifers under 550 lbs. were not well tested. Benchmark steers averaging 781 lbs. sold for $292-299, averaging $297.98.
Nebraska: Bassett Livestock in Bassett sold 4,570 head on Wednesday. There was no recent test for an accurate comparison. Benchmark steers averaging 709 lbs. sold for $305.50-340, averaging $331.88.
Oklahoma: OKC West in El Reno sold 6,545 head on Wednesday. Compared to the last auction, steers sold $2-7 higher. Lighter-type feeder steers returning to grass traded $7-11 higher. Feeder heifers sold $2-7 higher. Heifer calves traded $4-11 higher, with instances of up to $20 higher. Benchmark steers averaging 770 lbs. sold for $289-316, averaging $299.40. — Charles Wallace, WLJ contributing editor
