Negotiated cash fed cattle trade ranged from a standstill to limited trade on light demand through Thursday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.
So far this week, live price are generally steady with last week at $123-$124/cwt. Dressed trade is $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.
Resurgent equity markets helped Cattle futures mainly increase Thursday.
Live Cattle futures closed an average of 47¢ higher, except for 5¢ lower in spot Oct.
Recently higher Corn futures capped Feeder Cattle, which closed from an average of 33¢ lower in three contracts to an average of 37¢ higher.
Corn futures closed mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 1¢ to 3¢ higher.
Choice boxed beef cutout value was $2.23 lower Thursday afternoon at $305.60/cwt. Select was 51¢ lower at $274.99.
Net U.S. beef export sales (2021) for the week ending Sept. 16 totaled 15,800 metric tons, according to the weekly U.S. Export Sales report. That was 3% more than the previous week and 17% more than the prior four-week average. Increases were primarily for Japan, South Korea, China, Taiwan, and Canada.
Consensus favors Friday’s monthly Cattle on Feed report coming in about even with the previous year; slightly few placements and total cattle on feed.
Major U.S. financial indices continued to rally Thursday with follow-through support from the Fed’s dovish tone a day earlier.
The Dow Jones Industrial Average closed 506 points higher. The S&P 500 closed 53 points higher. The NASDAQ was up 155 points.
Federally Inspected (FI) total cattle slaughter in August of 2.83 million head was 83,300 head more (+3.02%) year over year, according to the monthly Livestock Slaughter report from USDA. The average live weight was down 11 lbs. from the previous year, at 1,354 lbs. For January through August, total FI cattle slaughter of 22.08 million head was 964,100 head more (+4.6%) than the same time last year.
Total commercial beef production in August of 2.36 billion lbs. was 24.4 million lbs. more (+1.04%) than the previous year. Beef production for January through August of 18.53 billion lbs. is 782.6 million lbs. more (+4.41%) year over year.
Total commercial red meat production in August of 4.59 billion lbs. was 104.3 million lbs. less (-2.20%) year over year, due to lower year-over-year production of veal, pork, lamb and mutton. For January through August, total red meat production of 36.88 billion lbs. was 541.4 million lbs. more (+1.49%) than the same period last year.