Thursday markets
Dressed trade in the North was $4 higher than last week at $249. Live and feeder cattle closed mixed.
Live cattle closed slightly lower, with the December contract down 2 cents to $153.05 and the February contract down 25 cents to $155.42.
“The live cattle futures market continues to linger within a dollar or two of its recent contract highs, but without the day-to-day volatility of more headline-driven markets,” Elaine Kub, DTN contributing analyst, wrote in the midday comments.
Cash trade was light, with 6,976 head selling between $155-158, averaging $156.91. Dressed steers sold between $245-249.
“Trade has started in parts of the North at $249, $4 higher than last week’s weighted averages. A light to moderate trade developed in parts of the South yesterday at $155, fully steady with last week’s weighted averages,” DTN reported.
On the formula side, 36,800 head averaging 922 lbs. sold for an average of $251.53.
Slaughter for today is expected to be 128,000 head.
Actual slaughter for the week ending Nov. 19 was 671,771 head (steers 45.1%, heifers 32%). Steer weights were 930 lbs.
Boxed beef prices closed lower on 161 loads, with the Choice cutout down $1.31 to $253.57 and the Select cutout down a penny to $225.
USDA’s weekly Export Sales report for the Nov. 18-24 period showed net sales of 15,400 metric tons (mt) for 2022, primarily for China (7,200 mt), Japan (2,600 mt), Canada (1,900 mt), South Korea (1,700 mt) and Mexico (800 mt). Exports were 15,800 mt, primarily to Japan (4,200 mt), South Korea (4,000 mt), China (3,000 mt) and Mexico (1,400 mt).
Feeder cattle
Feeder cattle closed higher, with the January contract up 60 cents to $181.07 and the March contract up 85 cents to $184.30. The CME Feeder Cattle Index was unchanged at $178.40.
Corn closed lower, with the December contract down 12 cents to $6.50 and the March contract down 6 cents to $6.60.
“Talk of rejiggering some biofuels mandates has sent the soybean market into a tailspin Thursday, with soybean meal and corn following along lower,” Kub wrote.
Kansas: Winter Livestock in Dodge City sold 3,512 head Wednesday. Compared to the previous auction, feeder steers 400-900 lbs. sold $5-8 higher. Feeder heifers 400-900 lbs. sold $4-6 higher. Benchmark steers averaging 781 lbs. sold between $178-182.50 and averaged $179.03.
Nebraska: Huss Livestock Market in Kearney sold 3,880 head Wednesday. Compared to the last auction, steer and heifer calves sold unevenly steady. Benchmark steers averaging 768 lbs. sold between $184.25-190.50, averaging $188.90.
New Mexico: Clovis Livestock Auction in Clovis sold 2,263 head Wednesday. Compared to the previous auction, steer calves sold steady to $5 higher. Heifer calves sold $2-6 higher. Feeder steers traded mostly $5-10 higher. Feeder heifers sold mostly steady on comparable sales. Benchmark steers averaging 761 lbs. sold between $156-167, averaging $163.79.
Oklahoma: OKC West in El Reno sold 9,698 head Wednesday. Compared to the last auction, feeder steers and heifers traded mostly steady. Steer and heifer calves sold $8-12 higher, with instances of as much as $16-20 higher. Benchmark steers averaging 772 lbs. sold between $172-175 and averaged $173.63. — Charles Wallace, WLJ editor
