Thursday markets
Cattle futures markets rallied again today on higher cash cattle trading so far this week.
Live cattle futures continued their rally, with the December contract $2.50 higher to close at $221.45 and the February contract up $2.10 to $224.
Cash trade was moderate, with 15,504 head sold. Live steers sold for $217-220, and dressed steers sold between $340-345.
On the formula side, 33,500 head averaging 963 lbs. sold for an average of $344.29.
“A few bids are currently on the table at $218 live in Kansas, and $216 live and $335-340 dressed in Nebraska, but no cattle have traded yet,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Asking prices are firm at $225 in the South and $340 plus in the North.”
Today’s slaughter is estimated to be 121,000 head.
Actual slaughter for the week ending Nov. 22 was 588,843 head. The average steer dressed weight was 988 lbs., up 8 lbs. from two weeks ago.
Boxed beef prices were lower on 158 loads, with the Choice cutout down $1.09 to $362.72 and the Select cutout $2.80 lower to $350.32.
Feeder cattle
Feeder cattle futures also rallied, with the January contract $4.72 higher to $336.57 and the March contract up $3.92 to $329.72.
“This week’s rally hasn’t only developed throughout the futures complex, but its support has also affected feeder cattle prices, which are trading higher in the countryside once again,” Stewart wrote.
The CME Feeder Cattle Index was $5.42 higher to $337.78.
Corn futures closed higher, with the December contract up 6 cents to $4.37 and the March contract 3 cents higher to $4.47.
Kansas: Winter Livestock in Dodge City sold 1,723 head on Wednesday. Compared to the last auction, heifers over 700 lbs. were not well tested, while steers over 700 lbs. sold steady to $10 higher. Steer and heifer calves sold $10-30 higher, with instances of sharply higher across all weights. Benchmark steers averaging 762 lbs. sold for $328.50.
Nebraska: Bassett Livestock in Bassett sold 3,210 head on Wednesday. Compared to the previous auction two weeks ago, steers 700-800 lbs. traded $13-21 higher. There were not enough comparable offerings for heifers, so a trend could not be given. Benchmark steers averaging 714 lbs. sold for $392.50-398 and averaged $394.97.
New Mexico: Clovis Livestock in Clovis sold 2,136 head on Wednesday. Compared to the previous auction, steer calves 300-350 lbs. sold steady, 350-600 lbs. were $11-35 higher, while steer yearlings 600-700 lbs. sold $6-15 higher. Heifer calves 400-600 lbs. sold $21-34 higher, and feeder heifers 600-750 lbs. were $35-50 higher. Benchmark steers averaging 724 lbs. sold for $309-325, averaging $319.80.
Oklahoma: OKC West in El Reno sold 4,527 head on Wednesday. Compared to the last auction two weeks ago, feeder steers over 750 lbs. sold $5-10 higher, and under 750 lbs. traded steady. Feeder heifers sold unevenly steady. Heifers 600-700 lbs. sold $7-10 higher. The auction included several nice drafts of 9-weight steers that drew aggressive bidding from multiple buyers, with the 900-950 lbs. selling $20 higher. Benchmark steers averaging 732 lbs. sold for $335-346 and averaged $341.60. — Charles Wallace, WLJ contributing editor
