National Feeder & Stocker Cattle summary for week ending Friday.
Receipts: Auctions Direct Video/Internet Total
This Week: 155,900 55,000 60,600 271,500
Last Week: 160,400 46,500 9,700 216,600
Year Ago: 156,200 35,700 46,100 238,000.
Compared to last week, steers and heifers sold steady to 4.00 higher, with the biggest advance being in the North Central region.
Loads of yearlings continue to find the marketplace with good to very good demand for them at auctions this week, bringing some much-needed excitement to the auctions.
Receipts for this report will be curtailed next week due to the Independence Day holiday occurring late week.
Weather in the Midwest has proven to be better than the long-term forecasts released a couple months ago.
Ranchers have had ample opportunity so far this summer to get their winter forage supply baled up in either round or square bales.
Pastures in the Southern Plains need a drink, as severe and extreme drought conditions persist in the High Plains, with Colorado showing over 56% being D2 or higher; New Mexico over 41%; Kansas over 10%; and Texas over 9%.
Wheat harvest started in the Plains a few weeks ago in Texas and is slowly moving northward and is now in the heart of Kansas, with yields Kansas reported from 50 to 90 bushels per acre (averaging in the 70s) with excellent test weight.
Boxed-beef cut-out prices have been pressured in recent weeks and continues to slide lower even though grilling season is upon the country.
Boxed beef values need to find a support level on the retail side after prices were sharply higher at the consumer level a couple months ago.
The U.S. Quarterly Hogs and Pigs Report was released Thursday with all hogs and pigs totaling 79.6 million head, up 5.2% from last year which would be considered bearish.
Bottom line is that pork is protein and will be competing for consumer demand.
Industry analysts have been encouraged in recent weeks with the estimated slaughter under federal inspection volumes reported nationwide.
The weekly estimate is at 680,000 head, an increase of 24,000 over last week and 10,000 more than a year ago.
If realized, the 680,000 will be the largest since week ending March 28, 2020; when processors were trying to get as many through the pipeline.
Friday morning’s boxed beef prices for Choice were reported at 207.58 and 199.76 for Select.
Auction volume this week included 57% weighing over 600 lbs and 40% heifers.