Thursday markets
Cattle futures paused from recent gains today in a modest market correction, with no significant technical damage reported.
“CME cattle futures made contract highs again yesterday, and with that action, technical indicators stretched far into overbought territory,” wrote Cassie Fish, market analyst, in The Beef. “Today is seeing a market correction, though no serious technical damage has been done, as the market backs and fills.”
Live cattle futures were slightly lower, with the August contract down 22 cents to $223.67 and the October contract down 42 cents to $220.32.
Cash trade was moderate, with 9,438 head sold. Live steers sold for $231-242, and dressed steers sold for $380.
On the formula side, 39,100 head averaging 92 lbs. sold for an average of $369.65.
“It comes as no surprise that boxed beef prices are trading lower as the seasonal regression is well underway for the third quarter,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “However, traders are sitting on pins and needles awaiting to see what develops in this week’s fed cash cattle market. Bids were offered throughout the day on Wednesday, but no cattle traded and as the market nears Thursday’s noon hour, only a small handful of sales have been noted today.”
Today’s slaughter is estimated to be 115,000 head, the same as a week earlier.
Actual slaughter for the week ending July 5 was 474,064 head. The average steer dressed weight was 933 lbs., the same as the prior week.
Boxed beef prices were mixed on 139 loads, with the Choice cutout up 43 cents to $373.28 and the Select cutout down $4.07 to $353.84.
USDA’s Weekly Export report showed beef net sales were 8,800 metric tons (mt) for 2025, down 24% from the previous week and 28% from the prior four-week average. The three largest buyers were Japan (2,500 mt), Mexico (1,900 mt) and Hong Kong (1,400 mt).
Feeder cattle
Feeder cattle closed also lower, with the August contract down 57 cents to $325 and the September contract down 42 cents to $325.42.
The CME Feeder Cattle Index was up 81 cents to $321.91.
Corn futures were lower, with the September and December contracts down 3 cents to $4.02 and $4.21, respectively.
Nebraska: Huss Livestock in Kearney sold 1,734 head on Wednesday. Compared to the last auction two weeks ago, steers over 850 lbs. sold $10 higher. Benchmark steers averaging 782 lbs. sold for $344.
New Mexico: Clovis Livestock in Clovis sold 1,570 head on Wednesday. Compared to the last auction, steer calves 300-350 lbs. and 400-450 lbs. sold $14-22 higher, while 450-600 lbs. were $6-14 lower. Feeder steers 600-700 lbs. sold steady to $2 higher. Heifer calves 350-400 lbs. and 550-600 lbs. sold $2-10 lower, while 450-550 lbs. were $2-12 higher. Feeder heifers 600-650 lbs. sold $4 higher. Benchmark steers averaging 720 lbs. sold between $330-344, averaging $336.52.
Oklahoma: OKC West in El Reno sold 4,713 head on Wednesday. Compared to the previous auction, feeder steers sold $4-10 higher. Feeder heifers traded $4-12 higher. Steer calves sold $6-10 higher. Heifer calves traded $4-9 higher. Benchmark steers averaging 781 lbs. sold between $325-346, averaging $332.07. — Charles Wallace, WLJ contributing editor
