Thursday markets
The cattle complex closed higher after volatility earlier in the day and continues to show resilience.
“Live cattle futures rejection of this week’s lows today gives bulls hope that the market is preparing for another leg up and that last Friday’s high volume key reversal collapse was not a market top,” Cassie Fish, market analyst, wrote in The Beef.
Live cattle futures jumped higher, with the April contract up $2.47 to $209.55 and the June contract up $2.77 to $205.80.
Cash trade has yet to develop, with just 1,092 head sold for $213.
On the formula side, 41,700 head averaging 920 lbs. sold for an average of $335.25.
“Asking prices are firm in the South from $211 to $212 but are not yet established in the North,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Given the strong prices boxed beef prices have seen again this week, it’s likely that feedlot managers will be willing to hold out until the week’s bitter end for at steady prices, but ideally, they’d like to see higher prices.”
Today’s slaughter is estimated to be 119,000 head, 5,000 head above a week earlier.
Actual slaughter for the week ending March 15 was 586,280 head. The average steer dressed weight was 947 lbs., 2 lbs. above the prior week.
Boxed beef prices were mixed on 117 loads, with the Choice cutout down $2.58 to $335.72 and the Select cutout up $2.91 to $319.44.
“The rib primal scored another new high for the move though at just over $569/cwt, the highest since the first week of January 2025,” Fish wrote. “Choice boxes are their highest for any March in history and have gotten an early seasonal start on their spring rally. Spring highs in beef aren’t typically established until May or June.”
Feeder cattle
Feeder cattle futures were also higher, with the March contract up 85 cents to $287.65, the April contract up $1.67 to $287.55 and the May contract up $1.35 to $286.52.
The CME Feeder Cattle Index was down 35 cents to $286.90.
Corn futures closed slightly lower, with the May and June contracts down a penny to $4.50 and $4.58, respectively.
Kansas: Winter Livestock in Dodge City sold 3,683 head on Wednesday. Compared to the last auction, feeder steers over 600 lbs. sold $10-12 higher. Heifers over 550 lbs. sold $10-20 higher. Steers and heifers under 600 lbs. were not well tested. Benchmark steers averaging 781 lbs. sold for $276-299, averaging $292.97.
Nebraska: Huss Livestock in Kearney sold 4,058 head on Wednesday. Compared to the previous auction, steers 650-900 lbs. sold steady to $6 higher and heifers 550-850 lbs. sold unevenly steady. Benchmark steers averaging 779 lbs. sold for $304-312.50 and averaged $309.98.
Oklahoma: OKC West in El Reno sold 8,059 head on Wednesday. Compared to the last auction, feeder steers sold steady to $3 higher. Feeder heifers traded $3-.5 higher. Benchmark steers averaging 783 lbs. sold for $281-309, averaging $295.05.
South Dakota: Hub City Livestock in Aberdeen sold 6,442 head on Wednesday. Compared to the previous auction, steers 600-649 lbs. and 750-799 lbs. sold mostly steady, 650-749 lbs. traded $5-7 lower, and 800-999 lbs. sold $4-6.00 higher. Heifers 600-649 lbs. and 750-799 lbs. sold mostly steady, 650-699 lbs. traded $3-6 higher, while other weight classes not well compared. Benchmark steers averaging 728 lbs. sold for $305.75-321, averaging $315.06. — Charles Wallace, WLJ contributing editor
