Steers and heifers sold mostly $2-$8/cwt. lower last week, according to the Agricultural Marketing Service (AMS). Yearlings and heavyweight steers sold steady to weak with lower undertones, as Feeder Cattle futures lost ground most of the week.
Feeder Cattle futures closed $2.13 lower week to week on Friday ($1.15-$3.12 lower).
“The supply of feeder cattle is fairly tight as there is competition in the marketplace with farmers trying to buy cattle at lower prices, especially farmer feeders with old-crop corn to feed,” AMS analysts explained.
Cash fed cattle prices continued lower with seasonal pressure.
Choice boxed beef cutout value was $10.09 lower week to week on Friday at $239.75/cwt. Select was $3.08 lower at $216.72. The sharp narrowing to the Choice Select spread points to both demand preference and that more Choice cattle are available relative to demand.
Live negotiated cash fed cattle trade was $5-$11 lower at $121-$123/cwt. Live trade in Nebraska was $9-$11 lower at $121-$123; dressed sales were $7-$17 lower at $193-$198. Live Cattle futures closed an average of $2.46 lower week to week on Friday ($1.60-$3.05 lower).
Still, the volume of cash fed cattle sales remains strong, while carcass weights continue to trend lower.
“In the Livestock Slaughter report (NASS), the average dressed carcass weights of steers and heifers have dropped 25 lbs. since last year,” AMS analysts say. “Since the previous report covering April, steer carcasses decreased 13 lbs. and heifer carcasses decreased 20 lbs., indicating feedlots are staying current and that green cattle are being sold for slaughter.”
Friday to Friday Change*
Weekly Auction Receipts
| Receipts | Auction | Change | Direct | Change | Video/Internet | Change | Total | Change |
| June 23 | 145,400 | – 1,300 | 26,800 | – 5,700 | 72,700 | + 72,500 | 244,900 | + 65,500 |
CME Feeder Index
| CME Feeder Index | June 22 | Change |
| $147.09 | – $3.98 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | June 23 | Change |
| 600-700 lbs. | $173.95 | + $3.98 |
| 700-800 lbs. | $159.26 | – $1.73 |
| 800-900 lbs. | $149.44 | + $0.16 |
South Central
| Steers-Cash | June 23 | Change |
| 500-600 lbs. | $163.20 | – $3.43 |
| 600-700 lbs. | $154.60 | – $1.98 |
| 700-800 lbs. | $147.61 | – $2.95 |
Southeast
| Steers-Cash | June 23 | Change |
| 400-500 lbs. | $161.43 | – $4.24 |
| 500-600 lbs. | $154.47 | – $4.29 |
| 600-700 lbs. | $146.85 | – $4.53 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | June 23 ($/cwt) | Change |
| Choice | $239.75 | – $10.09 |
| Select | $216.72 | – $3.08 |
| Ch-Se Spread | $23.03 | – $7.01 |
Futures
| Feeder Cattle | June 23 | Change |
| Aug | $144.950 | – $2.925 |
| Sep | $144.400 | – $2.950 |
| Oct | $142.700 | – $3.125 |
| Nov | $141.200 | – $2.925 |
| Jan ’18 | $137.300 | – $1.200 |
| Mar | $135.425 | – $1.150 |
| Apr | $134.800 | – $1.150 |
| Aug | $133.800 | – $1.625 |
| Live Cattle | June 23 | Change |
| Jun | $119.200 | – $2.500 |
| Aug | $115.275 | – $2.900 |
| Oct | $112.425 | – $2.925 |
| Dec | $113.025 | – $3.050 |
| Feb ’18 | $113.625 | – $2.750 |
| Apr | $112.100 | – $2.250 |
| Jun | $105.625 | – $1.725 |
| Aug | $104.400 | – $1.600 |
| Corn futures | June 23 | Change |
| Jul | $3.576 | – $0.264 |
| Sep | $3.654 | – $0.266 |
| Dec | $3.752 | – $0.268 |
| Mar ’18 | $3.850 | – $0.262 |
| May | $3.912 | – $0.252 |
| Jul | $3.972 | – $0.242 |
| Oil CME-WTI | June 23 | Change |
| Jul | $43.01 | – $1.96 |
| Aug | $43.27 | – $1.93 |
| Sep | $43.51 | – $1.90 |
| Oct | $43.79 | – $1.88 |
| Nov | $44.08 | – $1.86 |
| Dec | $44.34 | – $1.83 |
Equities
| Equity Indexes | June 23 | Change |
| Dow Industrial Average | 21394.76 | + 10.48 |
| NASDAQ | 6265.25 | + 113.49 |
| S&P 500 | 2438.30 | + 5.15 |
| Dollar (DXY) | 97.30 | + 0.16 |