Fed Cattle Trade Quiet, Feeders & Calves Advance
Cash cattle trading was again slow to develop during the week ended Aug. 12 as cattle feeders held firm to their asking prices. The North saw some moderate trading volume at $188 per cwt. live and mostly $295 dressed, steady with previous week’s prices. USDA reported a few cattle sold in Nebraska at $191 to $192. The South failed to establish a market test by late Friday.
The Monday-Thursday average for fed steers was $188.41, which if sustained would mark the second-highest weekly figure on record, behind only the first week of June at $188.75.
Feeder cattle traded $1 to $4 higher and calves traded $2 to $6 higher.
Drought continues to plague ranchers in several large cow-calf producing states. Early weaning has become a common remedy with cows often following the calves to market.
At the CME, expiring August live cattle futures fell 72.5 cents to $180.375 Friday despite sustained cash strength. Most-active October cattle dropped $1.20 to $181.325 on the day, with the closing price marking a weekly decline of $1.575. October feeder futures slid 45 cents to end the week at $252.875, which represented a weekly drop of $2.55.
Wholesale beef prices traded modestly higher for the week. Choice boxed beef closed Friday at $302.61 per cwt., up 82 cents on the week. Select boxed beef sold at $277.23 per cwt., up 75 cents on the week.
Estimated weekly cattle slaughter was 603,000 head, down 10,000 from the previous week and down 42,000 from the same week a year ago. Beef production for the week was estimated to be down 37.2 million pounds compared to the same week a year ago.
