NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 03/23/2024

By USDA-MO Dept of Ag Market News

RECEIPTS: Auctions Direct Video/Internet Total

This Week: 196,400 42,200 53,100 291,700

Last Week: 200,600 33,700 3,300 237,600

Year Ago: 186,600 27,200 5,000 218,800

Compared to last week, Feeder Steers and Heifers sold steady to 5.00 higher. Demand was reported as good to very good.

Backgrounders have their eyes set on the fall months of the Feeder Cattle futures and are anxious to own cattle to sell during that time. Beef production, at 2.17 billion pounds, was 4% above the previous year.

Cattle slaughter totaled 2.61 million head, up 3% from February 2023. The average live weight was up 10 pounds from the previous year, at 1,384 pounds. Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.8 million head on March 1, 2024. The inventory was 1% above March 1, 2023. Placements in feedlots during February totaled 1.89 million head, 10% above 2023. Placements were the highest for February since the series began in 1996.

Despite all numbers being above the year ago comparisons looking back over history the total numbers are much lower than what is typically reported in February which continues to support that beef numbers are still tight and will continue to be for the foreseeable future. Live sales of negotiated cash fed cattle trade in the Southern Plains sold 2.00 higher at 188.00.

In Nebraska, live sales sold 2.00 to 3.00 higher at 190.00, while the dressed sales sold 4.00 higher at 302.00. Choice boxed beef closed the week 1.18 lower at 310.72 while Select was 0.93 lower at 301.47 for the same period.

Weekly Cattle Slaughter under federal inspection estimated at 598K, 3K less than last week and 30K less than a year ago.

Auction volume this week included 53% weighing over 600 lbs and 45% heifers.