Thursday markets
Cattle futures appear far from finished in their record-setting run, with strong fed cash cattle prices pushing both live and feeder cattle contracts higher.
Live cattle futures closed higher, with the June contract up $1.47 to $215.62 and the August contract up $1.85 to $210.50.
Cash trade was light, with 4,502 head sold. Live steers sold for $228-230, and dressed steers sold between $360-367.
“Packers continue to scramble to accumulate this week’s negotiated fed cattle purchases, despite buying for a short week next week—a slaughter which could be historically small if the rumors are to be believed,” Cassie Fish, market analyst, wrote in The Beef. “As of this morning, the negotiated fed cattle trade totaled 28k head, mostly all in the north and at generally $3/cwt higher on a live basis. In Kansas, $220 bids are currently being passed.”
Today’s slaughter is estimated to be 116,000 head, 4,000 head below a week earlier.
Actual slaughter for the week ending May 10 was 560,823 head. The average steer dressed weight was 945 lbs., 7 lbs. above the previous week.
Boxed beef prices were higher on 81 loads, with the Choice cutout up $1.38 to $360.97 and the Select cutout up 67 cents to $348.95.
USDA’s Weekly Export report showed beef net sales of 12,300 metric tons (mt) for 2025 were down 16% from the previous week but up 8% from the prior four-week average. The three largest buyers were Japan (3,600 mt), South Korea (2,800 mt) and Taiwan (1,800 mt).
Analysts released the pre-report estimates for Friday’s release of the May Cattle on Feed report. Cattle on feed for May is expected to be 98.5% of last year. Placements are estimated to be 97.1%, and marketings are predicted at 96.8%.
“Tomorrow’s USDA Cattle-on-Feed report will likely confirm about 11.3M head on feed, the lowest number of cattle on feed on May 1 since 2017, which was 10.996M,” Fish wrote. “Losing Mexican feeder cattle imports will result in less cattle being available to place and market as the year stretches onward.”
Feeder cattle
Feeder cattle futures were mixed, with the May contract down 90 cents to $295.40, the August contract up $3.35 to $299.77 and the September contract up $3.57 to $298.62.
The CME Feeder Cattle Index was up 31 cents to $297.64.
Corn futures closed mixed, with the July contract up 2 cents to $4.63 and the September contract down a penny to $4.41.
Kansas: Winter Livestock in Dodge City sold 1,473 head on Wednesday. Compared to the last auction, feeder steers and heifers over 600 lbs. sold steady to $2 lower. There were not enough
steer and heifer calves for a market test, but a package of 525 lbs. of thin heifers sold up to $20 higher. Benchmark steers averaging 735 lbs. sold for $317.50-321.50, averaging $320.63.
Nebraska: Huss Livestock in Kearney sold 3,508 head on Wednesday. Compared to the previous auction two weeks ago, steers 650-800 lbs. sold steady to $10 higher and over 800 lbs. sold steady to $5 lower. Heifers 750-900 lbs. sold steady to $2.00 lower. Benchmark steers averaging 722 lbs. sold for $322-341.50, averaging $331.47.
Oklahoma: OKC West in El Reno sold 12,671 head on Wednesday. Compared to the last auction, feeder steers sold steady to $4 higher and feeder heifers were $2-6 lower. Steer and heifer calves traded $10-15 lower. Benchmark steers averaging 765 lbs. sold for $297-326, averaging $307.36. — Charles Wallace, WLJ contributing editor
