Thursday markets
It was a trifecta of green today: cattle futures, cash trade and Choice boxed beef prices.
“Futures remain overbought overall, after a quick short-term correction yesterday, and have a lot of good news priced in the market,” wrote Cassie Fish, market analyst, in The Beef.
Live cattle futures were higher, with the June contract up $1.72 to $214.25 and the August contract up $1.62 to $210.
Cash trade was active, with 22,803 head sold. Live steers sold for $224-228, and dressed steers sold between $355-360.
On the formula side, 27,600 head averaging 901 lbs. sold for an average of $347.29.
“So far this week, the bulk of transactions have been in Kansas and Texas, with a range of $218-221, mostly $219-220, $1-2 higher than last week’s weighted averages,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Very light scattered sales in Nebraska and Iowa have been marked at $353-360, mostly $353-355, $4-6 higher than last week’s weighted averages, basis Nebraska.”
Today’s slaughter is estimated to be 120,000 head, the same as a week prior.
Actual slaughter for the week ending April 26 was 555,260 head. The average steer dressed weight was 946 lbs., the same as a week earlier.
“Steer carcass weights are 47 pounds over the 5-year average, a powerful illustration of how the cattle feeding industry has dramatically increased days on feed and purposely increased the number of yield grade 4 and 5 cattle,” Fish wrote. “This change in practice has also resulted in the highest number of prime beef production ever, most recently standing at just a smidge under 12.5%. Demand for prime beef is strong and it’s a highly profitable segment for the packer.”
Boxed beef prices were mixed on 122 loads, with the Choice cutout up $1.74 to $347.89 and the Select cutout down 80 cents to $333.20.
USDA’s Weekly Export report showed that beef net sales of 7,600 metric tons (mt) for 2025 were down 41% from the previous week and 42% from the prior 4-week average. The three largest buyers were Japan (6,600 mt), South Korea (1,900 mt) and Hong Kong (1,400 mt).
Feeder cattle
Feeder cattle futures also reversed course, with the May contract up $3.02 to $297.47 and the August contract up $2.65 to $301.25.
The CME Feeder Cattle Index was down 37 cents to $293.41.
Corn futures were slightly lower, with the May contract down 2 cents to $4.39 and the July contract down a penny to $4.47.
Kansas: Winter Livestock in Dodge City sold 1,605 head on Wednesday. Compared to the previous auction, steers over 550 lbs. sold steady to $5 lower, while heifers over 700 lbs. sold steady with a softer undertone. Steers under 550 lbs. and heifers under 700 lbs. were not well tested. Benchmark steers averaging 793 lbs. sold for $283-290, averaging $287.21.
Nebraska: Bassett Livestock in Bassett sold 4,063 head on Wednesday. Compared to the last auction two weeks ago, steers less than 650 lbs. sold $8-10 lower, 650-850 lbs. sold $5-8 higher and over 850 lbs. sold steady to $4 lower. Most heifers sold $4-9 higher, except 550-650 lbs. sold $4 lower. Benchmark steers averaging 720 lbs. sold for $317-335, averaging $332.21.
Oklahoma: OKC West in El Reno sold 7,224 head on Wednesday. Compared to the previous auction, feeder steers sold unevenly steady. Feeder heifers traded steady to $2 higher. Steer and heifer calves over 450 lbs. sold $3-6 lower and under 450 lbs. were $1-6 higher. Benchmark steers averaging 771 lbs. sold for $299-325, averaging $313.13. — Charles Wallace, WLJ contributing editor
