Thursday markets
The cattle complex saw some corrective buying, pushing futures higher.
Live cattle futures closed moderately higher, with the February contract up 40 cents to $199.55 and the April contract up 80 cents to $196.52.
Cash trade was light, with 4,709 head sold. Live steers sold for $202-203, and dressed steers sold between $320-322.
On the formula side, 26,600 head averaging 934 lbs. sold for an average of $331.41.
“Scattered bids are currently being offered in the cash cattle market, but aside from the light movement that we saw earlier this week in the South—the market hasn’t traded any more cattle,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Asking prices are firm in the South at $204 plus and are now noted in the North at $321. The light trade that developed earlier this week was marked at $202-203, which is $3 to $4 lower than last week’s weighted average.”
Today’s slaughter is estimated to be 117,000 head, 1,000 head below a week earlier.
Actual slaughter for the week ending Feb. 1 was 601,785 head. The average steer dressed weight was 952 lbs., 4 lbs. above a week earlier.
Boxed beef prices were mixed on 117 loads, with the Choice cutout down $1.86 to $317.40 and the Select cutout up 70 cents to $309.84.
Feeder cattle
Feeder cattle closed triple digits higher, with the March contract up $3 to $267.97 and the April contract up $2.72 to $267.97.
The CME Feeder Cattle Index was down 12 cents to $275.73.
Corn futures maintained the upward momentum, with the March contract up 3 cents to $4.93 and the May contract up 2 cents to $5.06.
New Mexico: Clovis Livestock in Clovis sold 1,537 head on Thursday. Compared to the last auction, steer calves 400-450 lbs. and 500-550 lbs. sold $3 higher, while 450-500 lbs. were $9 lower and 550-600 lbs. sold $11 lower. Feeder steer yearlings 600-850 lbs. sold steady to $6 higher, except for 750-800 lbs. were $15 lower. Heifer calves 350-500 lbs. sold $5-7 lower, 400-450 lbs. were $2 higher and 500-600 lbs. sold $7-8 higher. Feeder heifers sold steady to $8 higher. Benchmark steers averaging 710 lbs. sold for $268-275, averaging $274.63.
Oklahoma: OKC West in El Reno sold 2,460 head on Wednesday. Compared to the previous auction, feeder steers traded $1-2 lower. Feeder heifers, steer and heifer calves were too lightly tested this week for a trend, but a lower undertone was noted. Benchmark steers averaging 788 lbs. sold for $263-264, averaging $263.92.
South Dakota: Hub City Livestock in Aberdeen sold 4,908 head on Wednesday. Compared to the last auction, steers 550-849 lbs. sold unevenly steady, except 600-649 lbs. traded $5-7 lower. Heifers 500-649 lbs. sold $10-12 lower, and 650-799 lbs. were mostly steady. Benchmark steers averaging 768 lbs. sold between $277-297, averaging $288.60. — Charles Wallace, WLJ contributing editor
