Thursday markets
Cattle futures closed mixed as traders are waiting for direction from cash trade.
Live cattle futures were lower, with the December contract down 70 cents to $185.60 and the February contract down 50 cents to $187.42.
Cash trade was again light, with 2,740 head sold. Live steers sold for $185, and dressed steers sold for $290.
On the formula side, 35,200 head averaging 916 lbs. sold for an average of $298.13.
“In terms of the cash cattle market, the market is seeing a few bids currently being reported at $185 in Kansas, $185 in Colorado and $185 to $187 live in Nebraska, along with $290 dressed in Nebraska,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “But at this point, feedlot managers have elected to pass on those offers and are hoping to see packer interest improve as time plays on. Asking prices are around $187-188 in the South and $292 plus in the North. Trade could develop this afternoon, but it’s just as likely that trade could be delayed until Friday as packers and feedlot managers again will go toe-to-toe this week.”
Today’s slaughter is estimated to be 125,000 head, the same as a week earlier.
Actual slaughter for the week ending Nov. 9 was 620,666 head. The average steer dressed weight was 960 lbs., 2 lbs. above the prior week.
Boxed beef prices were higher on 129 loads, with the Choice cutout up 40 cents to $306.79 and the Select cutout up $1.93 to $272.92.
Feeder cattle
Feeder cattle futures were higher, with the November contract up 32 cents to $255.12 and the January contract up $1.12 to $253.45. The CME Feeder Cattle Index was up a penny to $254.27.
“The live cattle complex may be hesitant about trading higher without having seen what the cash cattle market is going to do this week, but the feeder cattle complex seems confident enough with the strong buyer demand in the countryside to moderately advance its contracts again,” Stewart wrote.
Corn futures were lower, with the December and March contracts down 3 cents to $4.26 and $4.36, respectively.
Kansas: Winter Livestock in Dodge City sold 991 head on Wednesday. Compared to the previous auction, feeder steers and heifers were not well tested, but a higher undertone was noted. Benchmark steers averaging 723 lbs. sold for $267-273.75, averaging $271.54.
Nebraska: Huss Livestock in Kearney sold 2,832 head on Wednesday. Compared to the last auction, steers 450-600 lbs. sold steady to $10 higher and 600-850 lbs. were steady to $5 higher. Heifers 450-750 lbs. sold steady to $10 higher. Benchmark steers averaging 774 lbs. sold for $262.75-278.75, averaging $272.
New Mexico: Clovis Livestock in Clovis sold 2,257 head on Wednesday. Compared to the previous auction, steer calves 350-500 lbs. sold $11-13 lower and 500-600 lbs. were $4-6.50 higher. Feeder steer yearlings 600-750 lbs. were steady to $8 lower. Heifer calves sold steady to $11 higher. Feeder heifer yearlings 600- 750 lbs. sold steady to $5 higher, with 700-750 lbs. being $3 lower. Benchmark steers averaging 768 lbs. sold for $219-232, averaging $226.59.
Oklahoma: OKC West in El Reno sold 8,790 head on Wednesday. Compared to the previous auction, feeder steers sold $2-5 higher. Feeder heifers traded $3-7 higher. Steer and heifer calves sold $8-12 higher. Benchmark steers averaging 721 lbs. sold for $252.50-277.50, averaging $262.15. — Charles Wallace, WLJ contributing editor
