NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 08/24/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct
Video/Internet Total
This Week: 146,200 38,100
230,300 414,600
Last Week: 117,900 61,800
54,300 234,000
Year Ago: 106,700 46,000
278,300 431,000
Compared to last week, feeder steers sold 4.00 to 10.00 lower with instances of 15.00 lower and heifers sold 1.00 to 8.00 lower.
Demand was moderate to good. The monthly Cattle on Feed Report was released on Friday and was considered neutral to slightly bearish as actual numbers for on feed and placements were a couple of tenths above the top end of the range of pre-report estimates.
Placements in feedlots during July totaled 1.70 million head, 6% above 2023. Beef production, at 2.29 billion pounds, was 8% above the previous year. Cattle slaughter totaled 2.72 million head, up 5% from July 2023. The average live weight was up 36 pounds from the previous year, at 1,380 pounds.
The weakness in the CME Live and Feeder Cattle futures contracts carried over into the cash fed cattle market as lower bids from packers were accepted at midweek and went lower as the week progressed. Live sales of negotiated cash fed cattle trade in the Southern Plains sold 2.00 lower at 183.00. In Nebraska, live sales sold steady at 190.00, while the dressed sales sold from 293.00-295.00 mostly at 295.00.
Choice boxed beef closed the week 0.11 cents lower at 317.34 while Select was 2.11 lower at 300.46 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 608K, 6K more than last week and 18K less than a year ago.
Auction volume this week included 56% weighing over 600 lbs and 41% heifers.
