Thursday markets
Cash trade was higher in the South, helping to offset the aggravation of a lower closing on deferred live cattle and feeder cattle contracts.
Live cattle closed mixed, with the October contract up 5 cents to $145.32 and the December contract down 5 cents to $147.87.
Cash trade was moderately active, with 28,269 head selling between $144-148, averaging $146. Dressed steers averaged $229.56.
“So far, 1,700 head have traded in Kansas and 900 head have traded in Texas, both for $144 live, which is $1 higher than last week’s weighted average,” ShayLe Stewart, DTN livestock analyst, wrote in the midday comments. “There should be more cattle that trade Thursday afternoon, but feedlots seem pretty firm in their asking prices of $145 in the South and $233 plus in the North.”
On the formula side, 27,400 head averaging 862 lbs. sold for $232.81.
Slaughter for today is expected to be 127,000 head, the same as last week.
Actual slaughter for the week ending Sept. 24 was 671,224 head. Dressed steer weights were 915 lbs.
Boxed beef prices closed mixed on 208 loads, with the Choice cutout up 30 cents to $247.36 and the Select cutout down $2.23 to $216.99.
USDA’s Weekly Export report for the Sept. 23-29 period showed net sales of 16,400 metric tons (mt) for 2022, primarily for South Korea (6,000 mt), Japan (2,200 mt), Mexico (2,200 mt) and China (2,100 mt). Exports were 18,400 mt, primarily to South Korea (4,700 mt), Japan (4,400 mt) and China (3,100 mt).
Feeder cattle
Feeder cattle closed lower, with the October contract down 82 cents to $175.72 and the November contract down 90 cents to $176.42. The CME Feeder Cattle Index was up 11 cents to $175.69.
“You’d think that the market would look at the morning’s developments in the cash cattle market as somewhat of a supportive achievement, but apparently traders aren’t agreeing with that logic,” Stewart wrote.
Corn closed lower on a weak export report, with the December and March contracts down 8 cents to $6.75 and $6.83, respectively.
Nebraska: Bassett Livestock in Bassett sold 3,770 head Wednesday. The auction consisted of weaned and nonweaned spring calves and yearlings. Comparable steer offerings 900-1,000 lbs. traded steady. Benchmark steers averaging 740 lbs. sold between $186.50-188 and averaged $186.96.
Oklahoma: OKC West in El Reno sold 7,084 head Wednesday. Compared to the last auction, feeder steers sold steady to $3 higher. Feeder heifers traded $1-3 higher. Steer and heifer calves sold $6-9 lower. Benchmark steers averaging 729 lbs. sold between $170-180.50 and averaged $177.30.
South Dakota: Hub City Livestock in Aberdeen sold 3,770 head Wednesday. Compared to the previous auction, the best test on steers 850-950 lbs. sold $2 higher, with an instance of $6 higher on 900-950 lbs. Steers 951-1,050 lbs. were steady to $1 lower, with an instance of $7 lower on 1,000-1,050 lbs. Heifers were too lightly tested for a comparison. Benchmark steers averaging 798 lbs. sold between $186.25-189.50, averaging $188.87. — Charles Wallace, WLJ editor
