Cattle Current Podcast-August 10

The handful of cattle selling in the weekly Fed Cattle Exchange auction on Wednesday traded at the lower level that trickled into the country a day earlier. Only 518 head sold out of 1,659 offered, at a weighted average price of $115.04/cwt., which was 96¢ lower than the previous week. Specifically, cattle selling for delivery at 1-9 days brought $115.28; $114.50 for delivery at 1-17 days; $114 for delivery at 17-30 days.

Country trade followed even lower.

Negotiated cash fed cattle prices were $1-$4 less than the previous week at $114-$116/cwt. ($115 in the Southern Plains and Colorado). Dressed trade was $2-$5 less at $183 (Iowa-Minnesota) to $185 (Nebraska).

So, bears found all the reasons they were looking for to take Feeder Cattle futures down the limit and Live Cattle sharply lower: lower cash fed cattle prices, softer wholesale beef values, less open and non-commercial interest and lower outside markets pressured by mounting tensions with North Korea.

Live Cattle futures closed an average of $2.39 lower ($1.85 to $2.85 lower).

Feeder Cattle futures closed mostly limit-down $4.50.

Choice boxed beef cutout value was 59¢ lower Wednesday afternoon at $201.66/cwt. Select was 25¢ lower at $196.61. Drop value was 47¢ lower week to week at $10.88, which was the lowest since March of last year.