NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 11/23/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 230,100 29,400 19,300 278,800
Last Week: 235,700 20,200 5,000 260,900
Year Ago: 67,000 17,300 10,600 94,900
Compared to last week, steers and heifers sold steady to 5.00 higher with instances up to 10.00 higher on the lightweight calves suitable for winter grazing.
With rain in the Southern Plains, wheat fields are starting to grow and the producers that graze wheat have picked up the pace and were aggressive in buying light weight cattle to fill these pastures. This increased demand has really helped the light calf market in the country.
Demand was good to very good. Cattle feeders continue to face breakeven prices higher than the cash fed cattle market at the present time. With the higher prices on calves and yearlings recently, cattle feeders are hoping that the Live Cattle futures move above 190.00 so 190s while the cash fed cattle market this week was 185.00. Winter months of the Live Cattle futures below 190.00 is keeping some pressure on the feeder cattle market.
The CME Cattle Complex have been very supportive in the last couple weeks as Feeder Cattle futures were around 13.00 to 14.00 higher in that period while the spring-early summer Live Cattle futures were 3.00 to 4.00 higher.
Ole Man winter is expected to move into the middle of the country this week as temperatures are forecasted to get below freezing. Some ranchers are liking the cold to stave off the BRD bugs that they may have had trouble with so far this fall.
The monthly Cattle on Feed Report was released on Friday without much in the way of any surprises. On feed and marketings were right as expected at 100 pct and 105 pct respectively, placements were slightly higher than the average pre-report estimate at 105 pct but within the range and it was viewed as a neutral report. The total on feed number came in at 11.986 million head, with this November 1 exceeding 11.9 million head for the third time in 10 years.
Live sales of negotiated cash fed cattle trade in the South Plains sold 1.00 to 2.00 higher at 186.00 to 187.00. In Nebraska, live sales sold 2.00 to 3.00 higher at 187.00 to 188.00, while the dressed sales sold steady at 290.00.
Choice boxed beef closed the week 4.07 higher at 307.41 while Select was 4.07 lower at 272.07 for the same period. The Choice Select spread on Tuesday of this week stood at 36.88, the largest since September 2021.
Weekly Cattle Slaughter under federal inspection estimated at 631K, 25K more than last week and 97K more than a year ago (Thanksgiving Week).
Auction volume this week included 41% weighing over 600 lbs and 40% heifers.
All of us at USDA Livestock, Poultry and Grain Market News wish you and yours a Happy Thanksgiving.
