Markets: Cash Cattle Standoff, COF Report Neutral
Cattle feeders and beef packers were in full standoff mode most of this week as lowball bids attracted few sellers. No cattle traded in the South by late Friday. Asking prices in the South were $175+ with bids at $172. One pen sold for $174 on the grid on the online Fed Cattle Exchange.
Live trade in the North was very light with a few sales ranging from $172 to $175 per cwt. live and $273 to $277 dressed.
Feeder cattle traded steady to $3 higher and calves mixed at $2 lower to $4 higher.
April live cattle futures fell 27 1/2 cents Friday to $177.375 and near mid-range. For the week, April cattle rose $3.20. March feeder cattle futures dropped 60 cents to $231.95 and nearer the session low. On the week, March feeders gained $4.25.
Cattle on Feed
USDA’s Cattle on Feed report estimated 11.9 million head in yards with 1,000 head or more, 2% higher than on Jan. 1, 2023. The inventory included 7.20 million steers and steer calves, up 2 percent from the previous year. This group accounted for 60 percent of the total inventory. Heifers and heifer calves accounted for 4.74 million head, up 2 percent from 2023.
Placements of cattle into feedyards during December totaled 1.70 million head, 4.5% below the 2022 number.
Marketings of fed cattle during December totaled 1.73 million head, 1% below 2022.
