Thursday markets
“The cattle contracts are rallying into Thursday’s afternoon as the market warmly welcomes the added interest from traders and thrives on the assumption that Friday’s Cattle on Feed report could be bullish,” ShayLe Stewart, DTN livestock analyst, wrote in the midday comments.
Live cattle closed higher, with the December contract up 95 cents to $152.75 and the February contract up $155.40.
Cash trade was active, with 22,694 head selling between $151-156, averaging $153.59. Dressed steers sold between $240-242 and averaged $241.75.
“In the South, moderate amounts of cattle were sold at $150 live while northern cattle sold mostly at $153—both prices steady with last week,” the Cattle Report wrote. “Dressed sales were mainly at $242, also steady with last week. The cash prices have stalled the upward drive for the past three weeks, but as supplies continue to dwindle, upward pressures will reappear.”
On the formula side, 36,000 head averaging 907 lbs. sold for an average of $244.87.
Slaughter for today is expected to be 129,000 head, the same as last week. Actual slaughter for the week ending Nov. 5 was 667,885 head. Dressed steer weights were 925 lbs.
Boxed beef prices closed moderately high on 165 loads. The Choice cutout was up a penny to $257.10, and the Select cutout was up 39 cents to $231.74.
USDA’s weekly Export Sales Report report for the Oct. 21-27 period showed net sales of 13,400 metric tons (mt) for 2022, primarily for Mexico (5,200 mt), Japan (2,500 mt), Canada (1,800 mt) and South Korea (1,500 mt). Exports of 18,200 mt were primarily to South Korea (5,500 mt), Japan (4,900 mt), China (2,600 mt), Mexico (1,400 mt) and Canada (800 mt).
Feeder cattle
Feeder cattle closed higher, with the November contract up 15 cents to $175.85 and the January contract up $2.50 to $179.97. The CME Feeder Cattle Index was up 41 cents to $175.39.
Corn contracts were higher, with the December contract up 2 cents to $6.67 and the March contract up a penny to $6.69.
Kansas: Winter Livestock in Dodge City sold 2,968 head Wednesday. Compared to the previous auction, steer calves 400-500 lbs. sold $8-10 higher. Steers 500-700 lbs. sold steady to $4 lower. Heifers 400-700 lbs. sold steady to $3 lower. A group of steers averaging 718 lbs. sold between $163-169, averaging $168.76.
Nebraska: Huss Livestock Market in Kearney sold 4,280 head Wednesday. Compared to the last auction, steer calves over 500 lbs. sold steady to $4 higher. Heifer calves 500-600 lbs. sold steady to $3 higher and heifers over 600 lbs. sold $1-3 lower. Benchmark steers averaging 789 lbs. sold between $181-186.75 and averaged $183.58.
Oklahoma: OKC West in El Reno sold 9,428 head Wednesday. Compared to the last auction, feeder steers sold steady to $1 lower. Feeder heifers traded $2-4 lower. Steer calves sold steady to $3 higher. Benchmark steers averaging 728 lbs. sold between $171-180, averaging $176.77.
South Dakota:Hub City Livestock Auction in Aberdeen sold 5,199 head Wednesday. Compared to the previous auction, steer calves 500-600 lbs. sold $4-6 higher, 601-650 lbs. were steady. Yearling steers were not well compared. Heifer calves 450-600 lbs. sold $2-6 higher, with instances up to $10 higher on 550-600 lbs. Yearling heifers 900-950 lbs. traded $3-4 higher. —Charles Wallace, WLJ editor
