Thursday markets
“After a hyper-speed rally this week, CME cattle futures have put on the brakes,” Cassie Fish, market analyst, wrote in The Beef. “There is a great deal of global uncertainty and another harsh equity market sell-off today that easily pulls focus away from cattle futures and creates just enough of a hesitation that the rally has stalled.”
Live cattle futures closed slightly higher, with the April contract up 17 cents to $238.52 and the June contract 10 cents higher to $235.27.
Cash trade has still to develop, with just 240 head sold between $375-376.
On the formula side, 23,800 head averaging 944 lbs. sold for an average of $388.83.
Today’s slaughter is estimated to be 111,000 head, 8,000 head above last week.
Actual slaughter for the week ending Feb. 21 was 517,132 head. The average steer dressed weight was 983 lbs., down 1 lb. from the previous week.
“The 2026 fed cattle slaughter has been sharply reduced from a year ago, and the small kills are slowly adding to a buildup in front-end cattle supplies that will become more obvious in April,” Fish wrote. “The USDA just released its most recent actual carcass weight data for the week ending February 21 and steer weights were reported at 983 pounds, 29 pounds above a year ago and 62 pounds above the 5-year average.”
Boxed beef prices were mixed on 96 loads, with the Choice cutout $1.68 lower to $386.89 and the Select cutout 26 cents higher to $380.61.
Feeder cattle
Feeder cattle futures closed lower, with the March contract down $1.32 to $362.60 and the April contract $1.75 lower to $359.
The CME Feeder Cattle Index was 66 cents lower to $368.93.
Corn futures were higher, with the March and May contracts 9 cents higher to $4.41 and $4.53, respectively.
Kansas: Winter Livestock in Dodge City sold 3,531 head on Wednesday. Compared to the previous auction, steers over 700 lbs. sold steady to $10 lower, and there were not enough sales for a market test on those under 700 lbs., but a sharply higher undertone was noted. Heifers over 750 lbs. sold steady to weak, and under 750 lbs. sold $2-19 higher. Benchmark steers averaging 717 lbs. sold between $389-406, averaging $400.11.
Nebraska: Huss Livestock in Kearney sold 3,835 head on Wednesday. Compared to the last auction, steers under 750 lbs. sold steady to $10 lower, and steers over 750 lbs. sold steady to $15 lower. Heifers sold steady to $10 lower, except 600-750 lbs. traded steady to $5 higher. Benchmark steers averaging 719 lbs. sold between $392-422.25, averaging $410.94.
New Mexico: Clovis Livestock in Clovis sold 1,656 head on Wednesday. Compared to the previous auction, steer calves 400-500 lbs. sold $10 higher, 550-600 lbs. were $8 higher, and 500-550 lbs. sold $10 lower. Heifer calves 450-500 lbs. sold $10 higher, and 550-600 lbs. were $8 higher. Feeder heifers sold steady. Benchmark steers averaging 777 lbs. sold between $365-379, averaging $374.52.
Oklahoma: OKC West in El Reno sold 7,986 head on Wednesday. Compared to the previous auction, feeder steers sold steady to $6 lower. Feeder heifers traded $4-8 lower. Steer and heifer calves sold $10-20 lower, conservatively. Benchmark steers averaging 720 lbs. sold between $384-400, averaging $390.55. — Charles Wallace, WLJ contributing editor
