Wednesday markets
It was a quiet day as cattle futures closed on both sides of steady.
Live cattle futures closed mixed, with the February contract 5 cents higher to $246.60 and the April contract 27 cents lower to $242.52.
Cash trade was minimal, with 175 head sold—not enough for a market trend.
On the formula side, 27,800 head averaging 937 lbs. sold for an average of $388.64.
“The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “It’s most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week.”
Today’s slaughter is estimated at 113,000 head, 3,000 head lower than the prior week.
Boxed beef prices were mixed on 111 loads, with the Choice cutout 96 cents lower to $363.80 and the Select cutout 41 cents to $360.63.
“On the Fed Cattle Exchange, a $249/cwt trade was reported in Texas, compared to an average last week of $246.70 and a top of $248,” Cassie Fish, market analyst, wrote in The Beef. “This is occurring as boxed beef prices make a new low for the move and packer losses increase to record levels of over $300 per head. At noon, Choice boxes printed at $363.60/cwt. It is the first day of lent and the next four weeks almost always see soft beef demand.”
Feeder cattle
Feeder cattle futures were also mixed, with the March contract 40 cents lower to $370.57 and the April contract 17 cents higher to $368.
The CME Feeder Cattle Index was 99 cents higher to $376.07.
Corn futures closed slightly higher, with the March contract up a fraction to $4.27 and the May contract up a penny to $4.36.
Colorado: Winter Livestock in La Junta sold 793 head on Tuesday. Compared to the last auction, feeder steers sold mostly sharply higher across all weight classes. Feeder heifers sold $5-8 higher, with instances of sharply higher. Benchmark steers averaging 718 lbs. sold between $387.50-396, averaging $392.76.
Nebraska: North Platte Stockyards in North Platte sold 1,995 head on Tuesday. Compared to the last auction, steers and heifers sold mixed to mostly higher. Benchmark steers averaging 774 lbs. sold between $390-405, averaging $398.90.
Texas: Lonestar Stockyards in Wildorado sold 1,436 head on Tuesday. Compared to the last auction, feeder steers weighing over 750 lbs. sold mostly $2-5 higher, with instances of up to $10 higher on 800-pound steers. Steers weighing less than 750 lbs. traded mostly $6-8 lower, with the largest discounts noted on 600-700 lbs. steers. Lightweight steer calves sold mostly $20-30 higher on a light test. All classes of heifers traded mostly steady to $3 higher. Benchmark steers averaging 774 lbs. sold between $370.25-386, averaging $378.15. — Charles Wallace, WLJ contributing editor
