Cattle markets remained steady over the week as live and feeder cattle futures saw minor fluctuations, cash trade held firm and boxed beef prices posted slight gains.
Live cattle futures traded mostly sideways over the week. The April contract gained 15 cents to close at $196.27, and the June contract gained 30 cents to close at $192.62.
Cash trade through Thursday afternoon totaled about 7,000 head. Live steers sold from $195-197, and there was no trend noted for dressed steers.
“Northern trade was quiet and somewhat impaired by weather after a few early week dressed sales at $312-313—steady with last week,” wrote the Cattle Report on Thursday.
Cash trade for the week ending March 2 totaled 55,893 head. Live steers averaged $197.86, and dressed steers averaged $313.13.
Slaughter through Thursday totaled about 467,000 head, compared to 457,000 head a week earlier. Expected slaughter for a week earlier is estimated at 566,000 head. Actual slaughter for the week ending Feb. 22 was 564,737 head. The average steer dressed weight was 946 lbs., 8 lbs. below a week earlier.
“The fed cattle portion of the weekly slaughter continues to make a larger percentage of the total slaughter than prior years with cow slaughter of both dairy and beef cows in decline,” the Cattle Report said.
Boxed beef prices saw some small gains. The Choice cutout gained about $2 to close at $313.12, and the Select cutout gained about $1.40 to close at $303.51.
“Along with the potential impact of tariffs on the economy, specific industries and commodities, is growing uncertainty about the economy, specifically as it relates to the consumer,” wrote Cassie Fish, market analyst, in The Beef on Thursday. “Consumer confidence is in decline, auto loan delinquencies are record high and Walmart and others have hinted that some consumers are struggling.”
She continued that with retail beef prices record high and more expensive than pork and chicken, there is reason for at least some concern.
“There is no shortage of fed beef despite popular perception,” Fish said. “But demand in 2024 was excellent and that needs to continue to keep the bull market alive.”
Feeder cattle
Feeder cattle futures lost a couple of dollars over the week. The March contract lost about $2 to close at $274.02, and the April contract lost about $1 to close at $275.42.
“Unless the live cattle complex begins to trade higher (which would most likely happen if the cash cattle market is able to trade higher) then feeders may follow suit, but without the live cattle market’s support higher trade isn’t likely,” said ShayLe Stewart, market analyst, in her Thursday midday comments.
The CME Feeder Cattle Index lost $1.50 to close at $277.87.
Corn futures continue to see declines. The March contract lost 15 cents to $4.49, and the May contract lost 17 cents to $4.64.
Missouri: Joplin Regional Stockyards in Carthage sold 13,000 head on Monday. Compared to a week earlier, feeder steers sold from $3 higher to $8 lower. Feeder heifers sold from $8 higher to $10 lower. Benchmark steers averaging 773 lbs. sold from $264-282, averaging $273.31.
Nebraska: Tri-State Livestock in McCook sold 2,644 head on Monday. There were not enough comparable sales for an accurate trend. Benchmark steers averaging 743 lbs. sold for $288.50-306, averaging $291.73.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 11,500 head on Monday. Compared to the last sale, feeder steers and heifers sold steady to mostly $3 lower. Stocker steers and steer calves sold $10-15 higher. Stocker heifers and heifer calves sold mostly steady. Benchmark steers averaging 775 lbs. sold from $271-282.50, averaging $279.44.
South Dakota: Sioux Falls Regional in Worthing sold 3,418 head on Monday. Compared to a week earlier, feeder steers and heifers sold unevenly steady. There was very good demand, and the market was very active on lighter weight cattle. Benchmark steers averaging 767 lbs. sold from $277.50-285, averaging $281.24. — Anna Miller, WLJ managing editor
