Thursday markets
Cattle futures came under pressure from profit-taking today as speculators await a price correction.
Live cattle futures closed lower, with the August contract down $6.25 to $237 and the October contract lost $2.60 to $236.92.
“On an intra-day basis, futures are in the midst of their best technical correction since last week,” wrote Cassie Fish, market analyst, for The Beef. “Oct and Dec LC have slipped to just a tad lower on the week so far. All in all, there are heightened expectations that the market has topped for now, though it is only Thursday.”
Cash trade was light, with 5,083 head sold. Live steers sold for $242-245, and dressed steers sold between $385-392.
On the formula side, 36,300 head averaging 917 lbs. sold for an average of $384.68.
“In the country packer bids have surfaced at steady money with last week’s trade, which posted a record high,” Fish wrote. “In Kansas, a $240 bid was noted and $245 was bid in the north. Packers do own quite a bit of inventory and even though this week’s slaughter is expected to possibly exceed 560k head, next week will be curtailed by the holiday that will fall on Monday.”
Actual slaughter for the week ending Aug. 16 was 535,913 head. The average steer dressed weight was 943 lbs., 4 lbs. above the previous week.
Boxed beef prices were mixed on 99 loads, with the Choice cutout $2.57 higher to $414.41 and the Select cutout $1.87 lower to $385.84.
USDA’s Weekly Export report for the week ending Aug. 21 showed beef net sales of 13,600 metric tons (mt) for 2025 was up 34% from the previous week and 40% from the prior four-week average. The three largest buyers were Japan (7,700 mt), South Korea (1,500 mt) and Hong Kong (1,200 mt).
Feeder cattle
Feeder cattle futures were mixed, with the August contract 47 cents higher to close at $365.92 and the September contract down $3.60 to $361.80.
The CME Feeder Cattle Index gained $1.51 to $360.68.
Corn futures were higher, with the September contract up 3 cents to $3.85 and the December contract up 4 cents to $4.10.
Kansas: Winter Livestock in Dodge City sold 2,956 head on Wednesday. Compared to the last auction, steers under 700 lbs. sold steady to $10 higher, 700-800 lbs. sold $10 higher and over 800 lbs. sold steady. Heifers weighing 600-700 lbs. sold $10-20 higher and over 700 lbs. sold steady with a soft undertone. Benchmark steers averaging 734 lbs. sold between $381-404.25, averaging $399.29.
Nebraska: Bassett Livestock in Bassett sold 1,545 head on Wednesday. Compared to the last auction, steers 850 lbs. traded $11 higher. Benchmark steers averaging 757 lbs. sold for $384-394, averaging $391.23.
Oklahoma: OKC West in El Reno sold 6,721 head on Wednesday. Compared to the last auction, feeder steers over 750 lbs. $6-10 higher and steers 800-850 lbs. were $15 higher. Feeder steers under 750 lbs. sold steady and feeder heifers traded unevenly steady. Benchmark steers averaging 728 lbs. sold for $375-398, averaging $382.23.
Wyoming: Torrington Livestock in Torrington sold 1,069 head on Wednesday. Compared to the last auction, feeder steers and heifers traded $1-5 higher, with instances of $8 higher on green steers and heifers coming off short grass. Benchmark steers averaging 758 lbs. sold between $389-393, averaging $391.70. — Charles Wallace, WLJ contributing editor
