Thursday markets
Futures headed mostly lower today, and cash trade has remained extremely light.
Live cattle futures were mixed, with the February contract up 7 cents to $157.35 and the April contract down 15 cents to $161.27.
Cash trade finally picked up today, with 15,055 head sold. Live steers sold from $153-159, averaging $156.69. Dressed steers sold from $248-252, averaging $250.26.
“Unless feedlots begin to see bids that are substantially higher than what the market current sees, it’s not unlikely that trade could be held off until Friday, or that this week’s movement could be incredibly thin as showlists are current and feedlots are simply unwilling to move cattle at steady money at this point,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Slaughter for today is estimated at 127,000 head, bringing the week’s total to 358,000 head, compared to last week’s 388,000 head. Actual slaughter for the week ending Dec. 24 was 551,952 head.
Boxed beef prices were mixed on 132 loads. The Choice cutout lost $1.26 to close at $281.63, and the Select cutout gained 55 cents to close at $256.95.
Feeder cattle
“The cash cattle market has seen a handful of cattle trade in the South at steady money, but otherwise the market has yet to be developed,” Stewart said. “If and when the North begins to trade cattle, if prices are indeed higher—the feeder cattle complex could use that added support and potentially begin to trade higher.”
Feeder cattle futures were lower, with the January contract down $1.42 to $183.80 and the March contract down $1.67 to $186.55.
The CME Feeder Cattle Index lost 42 cents to close at $180.31.
Corn futures were lower, with the March and May contracts each down a penny to $6.52.
Kansas: Winter Livestock in Dodge City sold 5,052 head Wednesday. Compared to the previous auction two weeks ago, feeder steers and heifers 400-950 lbs. sold $6-10 higher. Benchmark steers averaging 765 lbs. sold between $178-185.75 and averaged $182.68.
Nebraska— Anna Miller, WLJ managing editor
