Thursday markets
Lower boxed beef prices and cash trade pulled cattle futures mostly lower.
Live cattle futures were lower, with the December contract down $1.07 to $182.95 and the February contract down 97 cents to $185.10.
“Even though it was assumed cash cattle prices would be steady at best this week, the live cattle complex is trading lower as traders are disgruntled by the light trade that developed Wednesday afternoon in the North at $290, which is $3 lower than last week’s weighted average,” ShayLe Stewart, DTN livestock analyst, wrote in the midday comments.
Cash trade was active, with 25,514 head sold. Live steers sold for $182-185, and dressed steers sold for $287-300.
On the formula side, 43,800 head averaging 920 lbs. sold for an average of $300.07.
“About 17k negotiated fed cattle have traded already this week at generally a buck lower than last week, averaging just above $185, which interestingly has been the average for 2024,” Cassie Fish, market analyst, wrote for The Beef. “Packers have been forced to reduce production as margins veer back into the red as boxed beef values make yet another new low for the move today.”
Today’s slaughter is estimated to be 125,000 head, the same as a week earlier.
Actual slaughter for the week ending Nov. 2 was 615,990 head. The average steer dressed weight was 958 lbs., 1 lb. above the prior week.
Boxed beef prices were lower on 212 loads, with the Choice cutout down $3.14 to $303.80 and the Select cutout down $2 to $276.66.
Feeder cattle
Feeder cattle futures closed mixed, with the November contract up $1.15 to $247.92 and the January contract down 45 cents to $243.20. The CME Feeder Cattle Index was up $2.02 to $251.04.
Corn futures were sharply lower, with the December contract down 7 cents to $4.19 and the March contract down 6 cents to $4.30.
Kansas: Winter Livestock in Dodge City sold 1,061 head on Wednesday. Compared to the last auction, feeder steers over 700 lbs. sold $3-6 higher, and under 700 lbs. sold $15 higher, with several weaned calves selling $20-30 higher. Heifers over 650 lbs. sold steady to $5 higher, and under 650 lbs. sold $20 higher. Benchmark steers averaging 764 lbs. sold for $269-271, averaging $270.63.
Nebraska: Huss Livestock in Kearney sold 2,029 head on Wednesday. Compared to the previous auction, steer calves 500-650 lbs. sold steady to $6 higher and heifer calves 500-650 lbs. sold steady to $6 lower. Benchmark steers averaging 773 lbs. sold for $262.
New Mexico: Clovis Livestock in Clovis sold 1,788 head on Wednesday. Compared to the last auction, steer calves 350-500 lbs. sold $8-15 higher and 500-600 lbs. were $2-14 lower. Feeder steer yearlings sold $11-15 higher. Heifer calves 400-600 lbs. sold $11-14 higher, except for 450-500 lbs. were $2 lower. Heifer yearlings sold steady. Benchmark steers averaging 724 lbs. sold for $225.50-238.50, averaging $233.80.
Oklahoma: OKC West in El Reno sold 7,951 head on Wednesday. Compared to the last auction, feeder steers sold firm with last week’s light test. Feeder heifers sold steady, but the quality was not as attractive. Steer and heifer calves sold $3-10 higher on last week’s light test. Benchmark steers averaging 784 lbs. sold for $250-262, averaging $255.48. — Charles Wallace, WLJ contributing editor
