NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 08/10/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 94,100 28,600 100,100 222,800
Last Week: 106,300 48,600 221,300 376,200
Year Ago: 141,900 42,700 85,200 269,800
Compared to last week, steers and heifers sold 10.00 to 15.00 lower. Demand was moderate to good as feeder cattle buyers were willing to take on inventory, only at lower prices.
Fundamentals still haven’t really changed, and producers were no longer able to defy the technical pressure. Feedyards have realized we are in a different world than we were just a couple weeks ago by looking at the sharp futures drop and where cattle need to be bought at to make a profit.
Ranchers see where the futures are and still want to sell cattle as the normally illustrious August marketing period is upon us and auction feeder cattle prices finally have fallen about the same amount as the feeder cattle futures in the last couple weeks. Market watchers are hoping that a short-term low can be found in the futures market here real soon as quite a bit of equity has left the market in a short time.
Auction receipts on this report are under 100K this week and Year-to-Date receipts are around 375K less than a year ago.
In some areas, pasture conditions are still vastly better than the last couple of years several, producers are starting to mention grass growth has slowed and some pastures have begun to turn a lighter shade of green with the heat seen the last few weeks and limited precipitation.
Live sales of negotiated cash fed cattle trade in the TX/OK/NM sold 2.00 lower at 186.00. In Kanas, live sales sold mostly 1.00 to 3.00 lower at 185.00 to 187.00. In Nebraska, live sales sold steady to 3.00 lower at 193.00, while the dressed sales sold mostly 5.00 lower at 305.00.
Choice boxed beef closed the week 1.06 lower at 312.71 while Select was 1.42 higher at 298.59 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 591K, 2K less than last week and 12K less than a year ago.
Auction volume this week included 53% weighing over 600 lbs and 40% heifers.
