Cattle markets remained under pressure this past week as lighter trade and softer boxed beef prices weighed on trader sentiment.
Live cattle futures continue to trade lower. The August contract lost about $8 to close at $227.07, and the October contract also lost about $8 to close at $223.27.
“The live cattle complex is trading lower as traders continue to be disappointed in the lack of fundamental support available this week in the market,” wrote ShayLe Stewart, DTN livestock analyst, in her Thursday midday comments.
Cash trade through Thursday totaled about 49,000 head. Live steers sold from $238-240, and dressed steers sold from $370-380.
“There could be a few more sales noted throughout the week, but the vast majority of the week’s trade is likely done with,” Stewart said.
Cash trade for the week ending July 12 totaled 71,665 head. Live steers averaged $248.14, and dressed steers averaged $391.56.
Slaughter through Thursday totaled about 433,000 head, compared to 430,000 head a week earlier. Total slaughter for the week prior is estimated at 529,000 head. Actual slaughter for the week ending July 4 was 461,645 head. The average steer dressed weight was 963 lbs., up 2 lbs. from a week earlier.
Boxed beef prices continue to decrease over the weeks. The Choice cutout lost about $12 to close at $368.38, and the Select cutout lost about $8 to close at $355.69.
Feeder cattle
Feeder cattle futures traded lower over the week. The August contract lost about $10 to close at $346.60, and the September contract lost about $13 to close at $340.35.
The CME Feeder Cattle Index lost $1.68 to close at $369.07.
“Demand remains mixed to mostly lower this week in the countryside as some buyers are busy putting up hay, and as the board has negatively affected the cash market too,” Stewart said.
Corn futures traded higher. The September contract gained 8 cents to close at $4.41, and the December contract gained 12 cents to close at $4.64.
Missouri: Joplin Regional Stockyards in Carthage sold 6,009 head on Monday. Compared to a week earlier, feeder steers sold $5-20 lower. Feeder heifers sold $3-15 lower. Benchmark steers averaging 766 lbs. sold from $357-385, averaging $368.03.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,200 head on Monday. Compared to the last full test two weeks earlier, feeder steers and heifers sold mostly steady. Steer calves sold steady to $3 lower, and heifer calves sold $2-5 higher. Benchmark steers averaging 774 lbs. sold from $360-388, averaging $377.66.
South Dakota: Sioux Falls Regional in Worthing sold 2,796 head. There were too few steers and heifers offered at the last sale held two weeks earlier to compare with the recent larger offering. A group of benchmark steers averaging 773 lbs. sold from $379-388, averaging $383.32. — Anna Miller Fortozo, WLJ managing editor
