Saturday, November 26, 2022

Today’s Livestock Market Update

by Amelia Siroky

DTN reports:

The futures complex closed with a sluggish pre-holiday theme, but the cash cattle market championed yet another week of higher trade.

LIVE CATTLE:

The live cattle futures complex didn’t perform well throughout Wednesday’s market as traders lackadaisically traded ahead of the Thursday’s holiday break, but feedlots didn’t approach Wednesday’s market with the same mindset. It was invigorating to see cash cattle trade develop for $245 in the North ($3.00 higher than last week’s weighted average) and for $154 to $155 in the South (roughly $4.00 higher than last week’s weighted average). Thankfully for feedlots, packers were short bought coming into this week, and for those who needed cattle — they ended up paying higher prices as feedlots still sit in the driver’s seat of the cash cattle market. December live cattle closed $0.45 lower at $153.35, February live cattle closed $1.00 lower at $155.42 and April live cattle closed $0.77 lower at $159.12. Wednesday’s slaughter is estimated at 129,000 head, steady with a week ago and 7,000 head more than a year ago.

Boxed beef prices closed lower: choice down $4.07 ($252.56) and select down $0.85 ($233.33) with a movement of 155 loads (92.81 loads of choice, 16.54 loads of select, 27.60 loads of trim and 18.23 loads of ground beef). The choice/select spread sits at $19.23.


FRIDAY’S CATTLE CALL: Steady. Given that prices shot higher, any more cattle that trade will likely trade steady with the week’s trend.

FEEDER CATTLE:

Even though the grain market rallied only slightly, it was enough to rock Wednesday’s feeder cattle market back on its heels and send the contracts tumbling 110 to 242 points lower by the day’s close. One would think that the cash cattle market’s $3.00 to $4.00 rally would more than outweigh the corn market’s $0.06 rally, but the combination of higher grain prices amid a lightly traded market as some traders stepped out early for the holiday left the feeder cattle complex especially vulnerable. January feeders closed $2.42 lower at $179.25, March feeders closed $2.22 lower at $182.35 and April feeders closed $1.87 lower at $186.05. At Miles City Livestock Commission at Miles City, Montana, compared to last week, and on a run of 3,322 head, steer calves under 450 pounds traded $10.00 to $15.00 lower, steers weighing 450 to 549 pounds sold steady and those weighing over 550 pounds traded steady to $5.00 higher. Heifer calves under 450 pounds sold mostly $5.00 to $8.00 lower, heifers weighing 450 to 549 pounds sold steady and those weighing over 550 pounds traded mostly $5.00 higher. Feeder cattle supply over 600 pounds was 14%. The CME Feeder Cattle Index for Nov. 22: up $0.19, $174.83.

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