Markets: Feeder Cattle and Calves Under Pressure, Fed Cattle Weaker
The season’s first cold spell reached the northern plains feeding areas over the weekend. Some regions saw five inches of snow or more. Ahead of the cold front, cattle feeders, saw moderate trade in the North at $183 to $185 per cwt. live, with a few at $186 late week, $2 lower than the previous week. Dressed trade in the North at $290 per cwt., $4 lower. Trade in the South occurred at $185 per cwt., steady with last week.
Feeder cattle traded $2 to $9 per cwt. lower and calves $4 to $11 per cwt. lower.
Wholesale beef prices moved higher for the week. Choice boxed beef closed Friday at $307.57 per cwt., up $2.19. Select boxed beef closed Friday at $280.12 per cwt., up $1.42 for the week. Wholesale beef prices are expected to increase seasonally.
Estimated weekly cattle slaughter totaled 636,000 head, down 41,000 head compared to last year. The year-to-date total was estimated at 26.757 million head, down 4.6% from last year.
At the CME, December live cattle futures rose $2.90 on Friday to $182.225 and nearer the session high. For the week, December cattle still lost $2.40. November feeder cattle futures rose 40 cents to $236.90 and near mid-range. For the week, November feeders lost $5.325.
Well below-average temperatures are expected through a large portion of the Plains early this week, likely stressing cattle. Feedlot marketings remain current and wholesale prices rose to six-week highs this week.
