NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 07/13/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct
Video/Internet Total
This Week: 162,100 49,100 450,100 661,300
Jul 01, 2024: 115,400 39,000 21,700 176,100
Year Ago: 177,600 90,300
422,700 690,600
Compared to last report two weeks ago, steers and heifers in the South Central and North Central regions sold 2.00 to 7.00 higher, while the Southeast sold 1.00 to 3.00 lower.
Grazing conditions are remaining adequate in many areas, and it is allowing cattle producers to keep cattle turned out and not having to pull cattle early. Outside of the brick-and-mortar auction barns it was a bit of a rough week for the livestock sector. Much larger offering of steers and heifers this week after Independence Day as good to very good demand remains for feeder cattle, despite the weakness seen in the futures complex early to mid-week. Some BBQ special sales along with the summer schedules saw a lot of bidding action from in-house and internet buyers.
Extreme heat index late week along with high humidity did not deter buyers from filling empty pens.
Fall Feeder Cattle futures did rebound somewhat on Thursday and Friday, however Monday through Wednesday s sell-off was significant and closed the week from 4.125 to 5.100 lower weekly trend.
Live cattle futures have not closed the gap to the negotiated prices in quite a while and Friday’s difference in the North Plains was around 16.00 over the August contract.
Cattle feeders are fully aware of how limited slaughter cattle supplies are, and how the market is moving counter-seasonally, this is causing cattle feeders to be filled with a great amount of optimism.
Cost of gain should be under a dollar with interest and tight cattle supplies has boosted the market around the area the last few weeks.
Large video sales this week as Superior hosted their Week in the Rockies with near 310K feeders on offer over 5 days, and Western Video Market held the Silver Legacy sale with near 160K feeders on offer over 3 days. Feeder prices for fall delivery of calves saw prices that producers have not ever seen for calves coming right off the cow.
Ranchers have constantly been watching the markets waiting to see where current deliveries of light 7 weight will top out.
On Monday at Callaway Livestock Center (MO), a load of 711 lb steers sold at 306.85, while Western Video Market Silver Legacy sale sold 4 loads of 700 lb base weight steers in that were tagged as unweaned but with all the bells and whistles at 310.00 for current delivery.
Live sales of negotiated cash fed cattle trade in Texas sold 2.00 lower at 188.00. Live sales in Kansas sold 2.00 to 5.00 lower at 187.00 to 191.00, mostly 188.00. In Nebraska, live sales sold mostly steady at 198.00, while the dressed sales sold mostly 2.00 lower at 312.00, with a few up to 315.00.
Choice boxed beef closed the week 8.37 lower at 322.06 while Select was 2.75 lower at 302.31 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 601K, 79K more than last week and 32K less than a year ago.
Year to Date Cattle Slaughter is currently 778K less than a year ago.
Auction volume this week included 55% weighing over 600 lbs and 40% heifers.
