NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 06/15/2024
By USDA-MO Dept of Ag Market News
RECEIPTS: Auctions Direct Video/Internet Total
This Week: 126,800 34,200 59,900 220,900
Last Week: 168,200 29,000 6,300 203,500
Year Ago: 177,000 25,300 28,100 230,400
Compared to last week, steers and heifers sold steady to 5.00 lower. The supply was light to moderate.
Summer seems to be setting in and most buyers just don’t have much desire for unweaned, bawling calves, with extra flesh or hair and as volumes were lighter making it difficult for buyers to make full loads of uniform cattle. Between transportation and acquiring a new address these types can be risky investment currently and takes a little time to get straighten out and back to gaining pounds. Ranchers filled their grazing a month or more ago, so outlets just aren’t as abundant at the current time. Yearlings however, especially those in load lots, which typically get fewer in number and therefore harder to find in the summer are finding excellent demand.
The feeder cattle index, a reflection of actual sales of heavier weight cattle at auctions though the central twelve state region, set a record high this week.
For the most part corn and bean planting is complete now and farmers turned attention to haying this week. One didn’t have to drive very far in any direction to see hay equipment in the fields this week, provided pop-up showers weren’t in the area.
The CME Cattle Complex traded higher this week as packers paid higher prices for slaughter cattle to secure offerings and in turn, feeder cattle buyers continued to search for offerings to fill empty pens.
The August feeder cattle contract closed at 261.975, 7.075 higher than last Fridays close, the September closed at 262.70, 6.85 higher than the previous week. Also, the front month June Live Cattle contract was 4.650 higher to settle at 186.825 and August closed at 183.175, 6.000 higher.
Live sales of negotiated cash fed cattle trade in the Southern Plains sold 1.00 higher at 186.00, with a few up to 196.00 in Kansas. In Nebraska, live sales sold steady to 8.00 higher at 190.00 to 198.00, while the dressed sales sold mostly 4.00 to 5.00 higher at 305.00 to 306.00, with a few up to 310.00.
Choice boxed beef closed the week 3.14 higher at 319.89 while Select was 2.67 higher at 303.81 for the same period.
Weekly Cattle Slaughter under federal inspection estimated at 615K, 1K more than last week and 21K less than a year ago. Year to Date Cattle Slaughter is currently 654K less than a year ago.
Auction volume this week included 53% weighing over 600 lbs and 44% heifers.
