Cash Cattle Steady as Futures Spike Higher
Negotiated cash cattle was called steady to instances of $1 per cwt. higher the week ended Sept. 22. Cattle in the North traded at $184 to $185 live and $292 dressed. Cattle in the South traded at $183 per cwt., steady for the week.
Feeder cattle traded $2 lower to $5 higher and calves from $2 lower to $6 higher.
Cattle slaughter was estimated at 625,000 head, down about 46,000 from the same week last year. Year-to-date slaughter was estimated at 23.627 million head, down 4.3% from last year.
The weekly total was an estimated 625,000 head, versus 671,222 head the same week last year. The year-to-date total was an estimated 23.627M head, down 1.072M head or 4.3% from 24.699M head last year. Weekly hog slaughter totaled 2.537M head, versus 2.555M head a year ago. The year-to-date total was an estimated 91.486M head, up 1.150M head or 1.3% from 90.336M head last year.
Wholesale beef prices ended the week lower. Choice boxed beef closed Friday at $303.33 per cwt., down $2.38 per cwt. Select boxed beef closed at $280.43 per cwt., down $2.69 for the week.
Live cattle and feeder futures rebounded on Friday after Thursday’s commodity sector sell-off. Nearby October live cattle jumped $2.10 to an all-time high close at $187.075. That marked a weekly gain of 15 cents from last Friday’s previous record. October feeder futures surged $1.375 to close at $259.15. That represented a weekly loss of $5.325.
Cattle on Feed
USDA’s Sept. 1 Cattle on Feed estimate was 11.1 million head, down 2% from the previous year. Feedlot placements were 2 million head, down 5% from 2022 but slightly above traded expectations. Feedlot marketings totaled 1.88 million head, 6% below last year and slightly less than expectations.
