NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 08/31/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 135,500 47,400 2,800 185,700
Last Week: 146,200 38,100 230,300 414,600
Year Ago: 149,800 46,100 3,400 199,300
Compared to last week, steers and heifers sold uneven; 3.00 lower to 3.00 higher. Demand was moderate to good, with best demand for yearlings coming off grass and those are the ones with the most potential for compensatory gain.
The supply was light to moderate again this week as the recent decline in feeder prices and early to midweek extreme heat across the midsection of the limited the receipts at auction.
The unweaned calf offering with limited pre-vac programs are starting to show up at some sale barns in the North and South Plains in limited numbers and are being met with good demand for this time of year.
Soon, farmers will be chomping at the bit to be in combines harvesting corn and once that happens, there will be limited outlets for those bawling calves as the calendar now turns to September.
Silage is being harvested in the North Central region now and tonnage appears to be normal to above average currently.
The cash fed cattle market converged with the Aug Live Cattle contract, after holding a huge positive basis over the futures for much of this year.
The weakness in the futures contracts have pulled the cash market down to its level and has a much lower futures outlook than what it did through the spring and summer. Lower beef prices, which is seasonally expected following the final summer holiday, resulted in a much lower market for slaughter cows and bulls this week also.
Live sales of negotiated cash fed cattle trade in the Southern Plains sold steady to 1.00 lower at 182.00 to 183.00. In Nebraska, live sales sold steady at 184.00, while the dressed sales sold 3.00 to 5.00 lower at 288.00 to 292.00. Choice boxed beef closed the week 8.00 lower at 309.34 while Select was 4.64 lower at 295.82 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 611K, 3K more than last week and 20K less than a year ago.
Currently, Year-to-Date Cattle harvest is around 910K or 4.2% less than a year ago.
Auction volume this week included 55% weighing over 600 lbs and 42% heifers.
