Steers and heifers sold $4 to $7 lower at auctions last week, with the mid- and late-week auctions contributing to the significant trend lower.
Agricultural Marketing Service reporters noted that rising grain prices and cost of gains are top-of-mind for stocker and feeder buyers. Drought is also playing a significant role in auction bids.
“USDA reports show 78% of North Dakota, 61% of Montana, 58% of South Dakota, 56% of Wyoming, and 49% of Colorado with topsoil moisture short or very short,” AMS reporters said. “In those areas, heifers held back as replacements continue to be offered at the auctions.”
Auction receipts totaled 181,600 head last week compared to 217,500 the previous week and 158,100 last year.
Corn prices traded limit up in July, with futures rising 25 cents to $6.57 ½. December corn rose 17 1/2 cents to $5.67 1/4. July soybeans closed up 23 1/4 cents at $15.39 1/4. Prices closed near the session high today and hit another contract high and nearly eight-year high.
Live cattle futures finished high-range with gains of 55 cents to $1.10 through the December contract. Feeder cattle ended from 40 cents lower to 40 cents higher through the November contract, which was also high-range.
