Fed Cattle Lower, Feeder Cattle Uneven
Negotiated cash fed cattle prices were reported $2 to $3 lower for the week ended Sept. 11. Cattle sold in the South at $101 early in the week, but at $102 per cwt. late week. Cattle traded in the North at mostly $101 and $160 to $161 dressed, $2 to $4 lower.
Estimated weekly cattle slaughter for the week is 574,000 head, 59,000 less than last week and 62,000 more than last year.
In futures trade, December cattle rose 47.5 cents to close at $109.90 on Friday, capping a weekly gain of $1.425. November feeders rose 92.5 cents to $141.325 and gained $1.80 this week. Futures tested support and closed near weekly highs, suggesting further gains for next week with several live cattle contracts closing back above the 200-day moving average.
Boxed beef prices also declined on the week. The Choice cutout closed Friday at $219.89 per cwt., $5.96 lower than the previous week. Select cutout closed at $207.10 per cwt., $2.20 per cwt. lower on the week.
Agricultural Marketing Service reporters called steers and heifers sold at auction $2 lower to $2 higher.
“Demand for yearlings coming off grass is good to very good, with the demand for calves being moderate at this point,” AMS said. “The normal seasonal occurrence of price spread between steers and heifers are going to be at the forefront again this fall.”
Auction receipts totaled 119,800, compared to 160,800 last week and 176,400 last year.
Meat Institute Disputes OSHA ‘Revisionism’