Thursday markets
Live and feeder cattle futures closed triple digits lower amid lower cash trade and a lack of technical support.
“The livestock complex is trading lower into Thursday’s noon hour as traders simply aren’t seeing enough fundamental support in the marketplace,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “A few sales have developed in the fed cash cattle market in the North, but not enough to say that a trend has been established. However, a sizeable volume has sold in the South at $282, which is $3 lower than last week’s weighted average.”
Live cattle futures closed over $6 lower, with the December contract $6.27 lower to close at $ 218.82 and the February contract down $6.02 to $218.67.
Cash trade was active, with 25,267 head sold. Live steers sold for $222-225, and dressed steers sold between $347-355.
On the formula side, 30,900 head averaging 957 lbs. sold for an average of $367.47.
Today’s slaughter is estimated to be 120,000 head, 8,000 head above the prior week.
USDA’s Comprehensive Fed Cattle Weekly report showed carcass weights at 949.9 lbs., 1.6 lbs. higher than the prior week. The quality grade was up 0.5% from the previous week to 85.2%.
Boxed beef prices were lower on 131 loads, with the Choice cutout 88 lower to $373.57 and the Select cutout down $4.91 to $355.03.
Feeder cattle
Feeder cattle futures also closed lower, with the November contract down $2.02 to $336.80 and the January contract $9.02 lower to close at $318.22.
The CME Feeder Cattle Index was $2.09 lower to $340.67.
Corn futures closed lower, with the December and March contracts down 6 cents to $4.42 and $4.55, respectively.
Kansas: Winter Livestock in Dodge City sold 1,677 head on Wednesday. Compared to the last auction, there were not enough steers and heifers over 700 lbs. for a market test. Steers and heifers under 700 lbs. sold unevenly, with some selling higher. Benchmark steers averaging 758 lbs. sold for $322-345, averaging $342.77.
Nebraska: Bassett Livestock in Bassett sold 4,180 head on Wednesday. Compared to the last auction, steer calves traded sharply higher, with a limited number of heifer calves to
Compare. Benchmark steers averaging 774 lbs. sold for $360-370 and averaged $366.05.
Oklahoma: OKC West in El Reno sold 7,815 head on Wednesday. Compared to the previous auction, feeder steers over 850 lbs. sold steady and under 850 lbs. traded $10-14 higher. Feeder heifers sold $10-15 higher. Steer calves over 500 lbs. were unevenly steady, and under 500 lbs. were too light to test. Heifer calves under 500 lbs. sold $10-15 higher, and heifer calves 500-600 lbs. traded $3-7 higher. Benchmark steers averaging 773 lbs. sold for $327.50-356, averaging $340.85. — Charles Wallace, WLJ contributing editor
