Thursday markets
Cattle futures closed mixed, as it seems cash trade could be done for the week.
Live cattle futures were mixed, with the April contract up $1.60 to $258.47, the June contract $1.25 lower to $254 and the August contract down $1.05 to $248.67.
“Spot April Live Cattle futures will expire shortly and will etch an all-time high settlement for any live cattle contract over $258/cwt, $14/cwt over February LC expiration of $244, which seems like a lifetime ago,” wrote Cassie Fish, market analyst, in The Beef. “April LC was boosted by yesterday’s extraordinarily strong negotiated fed cattle market, complete with active packer competition, which resulted in a $10/cwt jump in cash prices from last week, with another round of all-time highs in the record book.”
Cash trade was light, with 1,551 head sold. Live steers sold for $252-255, and dressed steers sold for $400.
On the formula side, 22,400 head averaging 947 lbs. sold for an average of $390.45.
“There’s been no new developments Thursday in the fed cash cattle market and there’s a chance—outside of some light clean-up trade—this week’s trade could be essentially done,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “So far this week, Northern dressed cattle have traded at mostly $400, which is $14 higher than last week’s weighted average. Southern live cattle have traded mostly at $255-256, $9-10 higher than the previous week’s weighted average.”
Today’s slaughter is estimated to be 110,000 head, 4,000 head above last week.
Actual slaughter for the week ending April 18 was 515,194 head. The average steer dressed weight was 980 lbs., down 2 lbs. from the prior week.
Boxed beef prices closed higher on 118 loads, with the Choice cutout up $1.47 to $389.52 and the Select cutout $1.92 higher to $388.17.
Feeder cattle
Feeder cattle futures were higher on lower corn futures, with the April contract up $1.47 to $373.75, the May contract $1.15 higher to $372.65 and the August contract up $1 to $373.52.
The CME Feeder Cattle Index was up 18 cents to $369.80.
Corn futures were lower, with the May contract down a penny to $4.64 and the July contract 3 cents lower to $4.74.
Nebraska: Huss Livestock in Kearney sold 1,377 head on Wednesday. Compared to the last auction, steers over 600 lbs. sold steady to $5 higher and heifers over 500 lbs. sold steady to $10 higher. Benchmark steers averaging 737 lbs. sold for $402-412, averaging $405.
New Mexico: Clovis Livestock in Clovis sold 1,264 head on Wednesday. Compared to the last auction, steer calves 300-450 lbs. sold steady-higher and 450-650 lbs. were lower. Feeder steers 750-800 lbs. sold higher. Heifer calves 400-600 lbs. sold higher, and there weren’t any comparable numbers of feeder heifers. Benchmark steers averaging 776 lbs. sold for $347-365, averaging $360.46.
Oklahoma: OKC West in El Reno sold 9,389 head on Wednesday. Compared to the last auction, feeder steers and heifers sold $5-15 higher, with heifers up to $20 higher. Benchmark steers averaging 774 lbs. sold for $376-394, averaging $387.05.
South Dakota: Hub City Livestock in Aberdeen sold 3,590 head on Wednesday. Compared to the last auction, steers 750-1,049 lbs. sold $5-10 higher, except 800-849 lbs. were not well compared, and 750-799 lbs. sold with instances up to $15 higher. Best test on heifers 750-799 lbs. sold $10-13 higher on a narrow comparison. Benchmark steers averaging 763 lbs. sold for $404-422, averaging $418.37. — Charles Wallace, WLJ contributing editor
