Thursday markets
It was a volatile trading day for cattle futures, with back-and-forth action, but they closed higher.
Live cattle futures closed higher, with the June contract up $1.40 to $257.40 and the August contract 70 cents higher to $247.22.
Cash trade remains light, with 720 head sold for $408. On the formula side, 21,500 head averaging 943 lbs. sold for an average of $411.51.
“This week the packer is buying for holiday-reduced slaughter next week, but USDA statistics show he remains short-bought, even heading into a holiday,” Cassie Fish, market analyst, wrote for The Beef. “Today a $255 bid in Kansas was noted, a little more than $4 lower than last week’s Kansas average. There has been no trade noted on the Fed Cattle Exchange either, as the packers appear to be willing to go to Friday and take their chances.”
Today’s slaughter is estimated to be 109,000 head, the same as last week.
Actual slaughter for the week ending June 13 was 526,875 head. The average steer dressed weight was 968 lbs., down 1 lb. from the prior week.
Boxed beef prices were lower on 97 loads, with the Choice cutout down $2.62 to $396.32 and the Select cutout $3.40 lower to $374.74.
Feeder cattle
Feeder cattle futures closed slightly higher, with the August contract up 37 cents to $373.30 and the September contract 75 cents higher to $371.37.
The CME Feeder Cattle Index was up $2.83 to $375.83.
Corn futures closed higher, with the July contract up 7 cents to $4.14 and the September contract 8 cents higher to $4.24.
Kansas: Winter Livestock in Dodge City sold 724 head on Wednesday. Compared to the last auction, steers and heifers were not well tested, but four loads of 8-weight steers sold $5-6 higher. A group of steers averaging 677 lbs. sold for $382.50.
Nebraska: Bassett Livestock in Bassett sold 7,830 head on Wednesday. An accurate comparison could not be made due to a lack of a recent auction. Demand was very good with several buyers and active internet bidding. Benchmark steers averaging 717 lbs. sold for $446-465, averaging $457.89.
Oklahoma: OKC West in El Reno sold 7,804 head on Wednesday. Compared to the last auction, feeder steers and heifers sold steady to $5 higher. Quality not as good as last week. Steer calves sold $5-15 higher, with light 5-weights up to $30 higher. Heifer calves traded $15-25 higher.
Wyoming: Torrington Livestock in Torrington sold 1,105 head on Wednesday. Compared to the last auction two weeks ago, feeder steers and heifers traded $10-18 higher. Benchmark steers averaging 758 lbs. sold for $421-424.50, averaging $423.05. — Charles Wallace, WLJ contributing editor
