NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 04/20/2024

By USDA-MO Dept of Ag Market News

RECEIPTS: Auctions Direct

Video/Internet Total

This Week: 167,700 44,900 70,900 283,500

Last Week: 167,600 32,300 7,200 207,100

Year Ago: 198,400 43,100 6,600 248,100

Compared to last week, steers and heifers sold uneven; 3.00 lower to 3.00 higher. Good demand for all weights of steers and heifers despite the lower CME Live Cattle futures contracts in recent weeks.

The supply of feeders was moderate with many reporters noting a change in the make-up of the feeder supply in some states over the last two or three weeks. Some have a much larger percentage of the offering changing to short or non-weaned new crop calves carrying a bit more flesh and not providing that immediate gain for new owners.

Turnout time is very near, which is keeping the demand for grass cattle red hot. Demand remains good although prices are at lower levels. Other auction markets mostly in the Southern Plains are seeing yearlings coming off wheat at their auction markets.

Cattle feeders continue to be disappointed as the April futures contract won’t rise to meet the cash fed cattle market and is holding at a level 10.00 below breakeven price for many cattle. The feeder cattle market remains incredibly stout, and the competition is great even at these new lower Live Cattle futures prices of the 170s for the summer and fall months. The Feeder Cattle futures contracts remain 15.00 plus below their earlier levels but that hasn’t put a damper on the feeder market at all.

Spring planting is running at full force and a much progress has been made over the last two weeks. Moisture is still very much a concern, although it has been nice for field work being this dry in April is not a good way to start the year.

Hay producers are concerned about forage tonnage again as lack of moisture and some early higher temperatures has pushed some forages to head out two to three weeks early. There was even some haying that took place last week in Missouri, most of which will be wrapped. On the hay side of things in Kansas, demand remains low to moderate for all hay and prices are soft for all regions.

There still seems to be no interest in buying and no new crop pricing has been reported. The word “drought” is on many producers’ minds and lips, as warm, dry, and windy weather has dominated. Some regions report a blue tinge to the wheat and the alfalfa fields are exhibiting some stress.

The monthly Cattle on Feed report was released on Friday afternoon with On Feed number at 101 pct of a year ago. Neutral to slightly positive placements were reported 88 pct and Marketings 86 pct of a year ago.

The CME Cattle Complex was considerably higher this past week with out front Live Cattle contracts were 4.00 to 5.00 higher, while the deferred Feeder Cattle contracts were 7.00 to 8.00 higher.

On a financial note, The Rural Mainstreet Index increased to 45.8 this month from last month’s (lowest since 2000) 38.0. The most common factors that pushed the Index lower was higher interest rates, weaker ag commodity prices and higher grain storage costs. The was the eighth straight month that the Index was below growth neutral.

Live sales of negotiated cash fed cattle trade in the Southern Plains sold steady at 182.00. In Nebraska, live sales sold mostly 1.00 lower at 183.00 a few up to 184.00, while the dressed sales sold steady to 1.00 lower at 292.00 to 293.00. Choice boxed beef closed the week 4.90 lower at 295.67 while Select was 4.71 lower at 290.83 for the same period.

Weekly Cattle Slaughter under federal inspection estimated at 620K, 17K more than last week and 5K less than a year ago.

Auction volume this week included 50% weighing over 600 lbs and 44% heifers.