NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 05/25/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct
Video/Internet Total
This Week: 153,000 54,300 10,100 217,400
Last Week: 145,400 39,900 35,800 221,100
Year Ago: 147,400 36,700 33,700 217,800
Compared to last week, steers and heifers sold steady to 5.00 higher, with instances up to 10.00 higher in the Northern Plains where the grass is growing, cattle are turned out and the feeder cattle market is incredibly active as the supply is tight.
The best demand it seems in for those lighter cattle that will reach finished weights in the late winter and early next year. Many producers are once again taking the opportunity to market calves early as prices are pushing back to record levels.
Despite all the thoughts that the market may not have found a top yet, ranchers are not willing to forget how fast markets change from outside influences and how fast the market can drop. The futures contracts remain well below the cash trade, front month of Live Cattle are 10.00 under the cash, but producers aren’t paying much attention to those prices as they instead focus on the strength of the current cash market.
Total red meat supplies in freezers were up 4% from the previous month but down 9% from last year. Total pounds of beef in freezers were down 1% from the previous month and down 5% from last year.
The monthly Cattle on Feed report was released on Friday afternoon with On Feed number at 99 pct of a year ago. Neutral to slightly positive placements were reported 94 pct and Marketings 110 pct of a year ago. Even though marketings were higher in April by 10 pct points, there were 2 more marketing days in 2024 than 2023.
Since the first of the year, marketings of fed cattle have been slower than a year ago and has therefore increased fed cattle weights. Typically, this time of year, the industry is into the calf-fed type of cattle which brings carcass weights down. This is not the case so far as steer carcass weights are 32 lbs higher than a year ago while heifers are 28 lbs higher than a year ago.
Beef production is 2.0 pct lower than a year ago, even though cattle slaughter is 4.6 pct less than a year ago. Increased carcass weights are partially offsetting reduced cattle slaughter and keeping beef production higher closer to a year ago.
Live sales of negotiated cash fed cattle trade in the Southern Plains sold 2.00 to 3.00 higher at 186.00. In Nebraska, live sales sold 3.00 to 4.00 higher at 190.00, while the dressed sales sold 2.00 to 3.00 higher at 298.00 to 300.00.
Choice boxed beef closed the week 3.00 lower at 310.45 while Select was 4.32 higher at 301.72 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 607K, 9K more than last week and 18K less than a year ago. Auction volume this week included 53% weighing over 600 lbs and 46% heifers.
