Thursday markets
The livestock complex again traded in the red today as the cash cattle market traded steadily and the grains complex traded lower.
The August live cattle contract was down $1.32, closing at $119.27 and the October contract was lower $1.25 to $125.45.
Cash trade was moderate, with 16,869 head selling between $119-127, averaging $123.83. Dressed steers sold between $196-200. Negotiated cash trade in the Southern Plains was light with moderate demand—not enough for a market trend. On the formula side, 22,200 head averaging 864 lbs. sold for $199.69. On Wednesday, live purchases traded at $120 in the Texas Panhandle, and live and dressed purchases in Nebraska traded from $123-125 and $198-202, respectively.
Slaughter for the day is expected to be 120,000 head, a thousand head above last week.
Boxed beef prices were lower today on 130 loads. The Choice cutout was down $2.93 to $281.97 and the Select cutout was lower $2.02 to $260.06.
With Monday being a holiday, export data will be released by the USDA on Friday morning.
Feeder cattle
“The feeder cattle market continues to bow down to technical pressure as the market looks for additional support but keeps coming up empty handed,” ShayLe Stewart, DTN livestock analyst, wrote in the midday comments. “The live cattle contracts haven’t aided in the feeder cattle market’s rescue, and the week’s cash cattle trade hasn’t been anything wildly supportive either.”
Feeder cattle were also down, with the August contract down $1.67 to $157.32 and the September contract lower $1.50, closing at $160.02. The CME Feeder Cattle Index was higher $4.70 to $151.51.
Corn traded lower, with the July contract down 14 cents a bushel to $6.38 and the September contract lower 6 cents, closing at $5.36 a bushel.
South Dakota: Hub City Livestock in Aberdeen sold 2,049 head on Wednesday. Compared to last week, there were different weight classes to develop an accurate trend. Demand was good to very good, featuring strings and loads and a handful of packages. Benchmark steers averaging 776 lbs. sold between $154.75-165; steers averaging 817 lbs. sold between $148.50-157.35, and steers averaging 935 lbs. sold between $145-148.50.
Nebraska: Bassett Livestock in Bassett sold 7,824 head on Wednesday. Compared to the previous auction, steer calves 450-700 lbs. traded $3-8 higher and 750-1,000-lb. steers traded $5-13 higher. Heifers calves 500-700 lbs. traded $7-11 higher, and 750-900-lb. offerings traded $8-12 higher. Demand was very good as Bassett had their Annual BBQ Yearlings and Fall Calf Auction. NHTC steers averaging 763 lbs. sold for $176.75.
New Mexico: Clovis Livestock in Clovis sold 1,067 head on Wednesday. Compared to the previous auction two weeks ago, steer calves under 600 lbs. were steady to $4 lower, though quality was not as attractive; feeders over 600 lbs. sold steady on limited comparable quotes, except a few 750-800 lbs. were $4 higher. Heifer calves and feeders were steady with a few 600-650 lbs. selling $4 higher.
Oklahoma: OKC West in El Reno sold 2,713 head on Wednesday. Compared to last week, feeder steers sold $6-8 higher and feeder heifers traded $2-5 higher on good demand. Benchmark steers averaging 788 lbs. sold between $145.50-151. — Charles Wallace, WLJ editor
