NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 12/14/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 286,300 27,800 5,700 319,800
Last Week: 316,800 17,800 54,800 389,400
Year Ago: 191,800 36,600 46,100 274,500
Compared to last week, steers and heifers sold uneven; 2.00 lower to 2.00 higher. After last week’s sharp increase in grazing calf values, aggressiveness of buyers was tempered somewhat this week.
Cattle feeders and backgrounders are very bullish currently as the cash market is outperforming the futures, there is great hope that the cash market will continue at these levels. Very few sales remain before the end of the year and buyers want to make sure they get the cattle bought that they need. Commercial bred cows hitting new records at area auctions.
Several long-time ranchers are having complete or partial dispersions. Some may be retiring; others could be thinking it’s very dry and it’s time to sell when the price is really good or both scenarios.
The WASDE (Supply and Demand) report came out on Tuesday with new-crop U.S. ending stocks estimates reported as bullish for corn, neutral to slightly bearish on soybeans, and slightly bullish for wheat. Increase in feedstuffs could certainly play a factor getting through the winter and into next year on the bottom line of ranchers that are cutting it close on breakevens.
The forecast for 2025 cattle prices were raised on tighter than expected cattle and beef supplies.
Cash fed cattle market rose up to 196.00, the CME Live Cattle futures couldn’t keep pace as it ended the week 3.00 under the cash. Negotiated sales of slaughter steers and heifers in the Southern Plains steady to 1.00 higher at 191.00 to 192.00. In Nebraska, live sales were 3.00 to 5.00 higher at 195.00 with a few up to 196.00, while the dressed sales sold 3.00 to 8.00 higher at 300.00 to 305.00.
Choice boxed beef closed the week 4.35 higher at 316.39 while Select was 7.13 higher at 283.86 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 609K, 5K less than last week and 38K less than a year ago.
Auction volume this week included 44% weighing over 600 lbs and 40% heifers.
