Thursday markets
Cattle futures closed mixed, with the market looking for stronger support.
Live cattle futures rebounded from yesterday, with the April contract up $1.10 to $231.25 and the June contract $1.30 lower to $229.37.
“Following Wednesday’s lower close, the live cattle complex is back to trading mildly higher. It’s not because of an uptick in fundamental support, but rather that some light technical support has worked its way into the market and is helping drive the contracts up into Thursday’s noon hour,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “The other supportive factor that might be adding a slight boost to the market was the marketing year high of 25,400 metric tons of beef sold in Thursday morning’s export report.”
Cash trade was moderate, with 5,584 head sold. Live steers sold between $235-236, and dressed steers sold for $372.
On the formula side, 26,800 head averaging 943 lbs. sold for an average of $381.99.
Today’s slaughter is estimated to be 108,000, down 3,000 head from a week earlier.
Actual slaughter for the week ending Feb. 28 was 528,642 head. The average steer dressed weight was 981 lbs., down 2 lbs. from the prior week.
Boxed beef prices were higher on 112 loads, with the Choice cutout up $1.64 to $398.34 and the Select cutout $2.89 higher to $392.14.
Feeder cattle
Feeder cattle futures closed slightly lower, with the March contract down 50 cents to $348.22 and the April contract 30 cents lower to $343.
“The market continues to hover around its 100-day moving average, which could be a difficult threshold to boldly move past until some of the market’s pressure resolves and its fundamentals improve,” Stewart wrote.
The CME Feeder Index was 97 cents lower to $364.80.
Corn futures closed higher, with the March contract up 4 cents to $4.48 and the May contract 2 cents higher to $4.62.
Kansas: Winter Livestock in Dodge City sold 2,832 head on Wednesday. Compared to the last auction, steers over 700 lbs. sold steady to sharply lower and heifers over 650 lbs. sold $3-15 lower. Steers under 700 lbs. and heifers under 650 lbs. were not well tested. Calves sold sharply lower. Benchmark steers averaging 772 lbs. sold between $352.50-373, averaging $366.54.
Nebraska: Bassett Livestock in Bassett sold 1,985 head on Wednesday. There was no recent market test to make an accurate comparison of steers or heifers, so no accurate comparison could be given. Benchmark steers averaging 767 lbs. sold between $374.50-384, averaging $379.94.
Oklahoma: OKC West in El Reno sold 6,587 head on Wednesday. Compared to the last auction, feeder steers sold $7-14 lower. Feeder heifers traded $7-10 lower, except 600-700 lbs. were $15 lower. Benchmark steers averaging 716 lbs. sold between $370-392.50, averaging $380.12.
South Dakota: Hub City Livestock in Aberdeen sold 7,295 head on Wednesday. Compared to the last auction, steers 650-699 lbs. and 800-949 lbs. sold $2-8 lower, 700-799 lbs. and 950-999 lbs. were $10-15 lower. Heifers 550-599 lbs. traded mostly steady, and 600-749 lbs. sold $15-20 lower. Benchmark steers averaging 779 lbs. sold between $357-385, averaging $370.73. — Charles Wallace, WLJ contributing editor
