National Feeder & Stocker Cattle summary for week ending Friday.
Receipts: Auctions Direct Video/Internet Total
This Week 135,700 77,700 121,100 335,500
Last Week 24,700 27,200 39,200 91,100
Year Ago 170,100 109,700 324,500 604,300.
Compared to last week, steers and heifers sold steady to 5.00 higher earlier in the week, while later week sales were quoted from 3.00 to 10.00 higher.
Demand was good to very good on moderate supply this first week after Independence Day.
Market activity at special sales throughout the country was strong this week, especially after Tuesday’s rally on the CME Feeder Board and traders quickly and aggressively moved back into the market.
On Wednesday at Bassett, Nebraska, Livestock Auction, many reputation one iron branded cattle were on offer and demanded some lofty prices.
Over 1,000 head of 900-950 lbs steers on offer there had a top price paid of 153.75 and a load of 581 lbs Fancy grazing steers sold at 200.50. Buyers wanted those cattle and were not fazed when it came to getting their hand in the air.
Western Video Market held their three-day sale in Reno, Nevada, with near 118,000 head sold, and Superior Livestock offered 209,000 head during their Week in the Rockies Sale held in Loveland, Colorado.
So ... ranchers were ready and willing to sell cattle out front with the market getting a little bounce.
It appears the packer needs inventory and the fed cattle market is bracing for a higher market.
Market ready fed cattle supplies in the Northern Plains are very current and for the time being will remain that way, while the Southern Plains will more than likely remain at a discount because of large numbers of cattle on feed.
Market support has been building on increased trade that has returned since the 4th of July Holiday.
Steer carcass weights for week ending June 29 were flat with the previous week’s 854 lbs, further suggesting the overall currentness of fed cattle in the country. That week was represented the second largest fed cattle harvest of 2019.
Even though the cutout has turned lower, packer margins are reading on the positive side despite having to increase bids to get cattle purchased.
For the week, the Choice cutout closed 4.87 lower at 212.80 while Select was 5.20 lower at 189.60.
Cattle Slaughter under federal inspection estimated at 655,000 for the week, 82,000 more than last week (holiday) and 5,000 more than a year ago.
Auction volume this week included 54 percent weighing over 600 lbs and 39 percent heifers.