Due in part to the fact that most auctions will be closed the week of July 4th, feeder cattle traded mainly steady to higher on moderate to active trading, despite lower prices for cash fed cattle and wholesale beef.
Feeder steers and heifers sold mostly steady to $5 higher, according to the Agricultural Marketing Service (AMS), although there were some instances of $3 lower. Feeder steers and heifers in the Southeast traded from $4 lower to $5 higher.
Feeder Cattle futures closed an average of $4.31 higher week to week on Friday ($2.97 to $5.27 higher).
“Cattle buyers paid little attention to the board (futures) this week and continued to bid until orders were filled as many livestock markets will be closed in observance of the 4th of July holiday,” said AMS analysts. “All major markets will be closed next week, with very few late-week auctions open for business.”
In the meantime, expanding drought in the Northern Plains is altering cattle marketing plans.
“In the north, feeder cattle are making their way to the sale barn, with many coming in off of feed or from a backgrounder versus grass, as the area is still experiencing dry conditions,” AMS analysts say. “Due to these circumstances, many of the feeders may be carrying more flesh than what is usually observed. The dry conditions are also driving producers to send stocker cows to the market.”
Negotiated cash fed cattle trade for the week was $3-$5 lower at mostly $118-$119/cwt. Dressed trade was mostly $4-$5 lower at $189-$191.
Choice boxed beef cutout value was $15.02/cwt. lower week to week on Friday at $224.73. Select was $8.30 lower at $208.42. The Choice-Select spread narrowed $6.72 to $16.31.
Except for a dime lower in expiring Jun, Live Cattle futures closed an average of $2.35 higher week to week on Friday ($1.02 to $2.77 higher).
Friday to Friday Change*
Weekly Auction Receipts
| Receipts | Auction | Change | Direct | Change | Video/Internet | Change | Total | Change |
| June 30 | 134,200 | – 11,200 | 36,200 | + 9,400 | 87,100 | + 14,400 | 257,500 | + 12,600 |
CME Feeder Index
| CME Feeder Index | June 29 | Change |
| $149.23 | + $2.14 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | June 30 | Change |
| 600-700 lbs. | $183.28 | + $9.33 |
| 700-800 lbs. | $167.58 | + $8.32 |
| 800-900 lbs. | $151.87 | + $2.43 |
South Central
| Steers-Cash | June 30 | Change |
| 500-600 lbs. | $162.55 | – $0.65 |
| 600-700 lbs. | $156.05 | + $1.45 |
| 700-800 lbs. | $149.62 | + $2.01 |
Southeast
| Steers-Cash | June 30 | Change |
| 400-500 lbs. | $157.56 | – $3.87 |
| 500-600 lbs. | $152.52 | – $1.95 |
| 600-700 lbs. | $143.79 | – $3.06 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | June 30 ($/cwt) | Change |
| Choice | $224.73 | – $15.02 |
| Select | $208.42 | – $8.30 |
| Ch-Se Spread | $16.31 | – $6.72 |
Futures
| Feeder Cattle | June 30 | Change |
| Aug | $147.925 | + $2.975 |
| Sep | $148.025 | + $3.625 |
| Oct | $146.925 | + $4.225 |
| Nov | $145.775 | + $4.575 |
| Jan ’18 | $142.575 | + $5.275 |
| Mar | $140.425 | + $5.000 |
| Apr | $139.325 | + $4.525 |
| Aug | $138.100 | + $4.300 |
| Live Cattle | June 30 | Change |
| Jun | $119.100 | – $0.100 |
| Aug | $116.300 | + $1.025 |
| Oct | $115.200 | + $2.775 |
| Dec | $115.800 | + $2.775 |
| Feb ’18 | $116.275 | + $2.650 |
| Apr | $114.800 | + $2.700 |
| Jun | $108.275 | + $2.650 |
| Aug | $107.000 | + $2.600 |
| Oct | $108.050 | + $1.650 |
| Corn futures | June 30 | Change |
| Jul | $3.704 | + $0.128 |
| Sep | $3.810 | + $0.156 |
| Dec | $3.920 | + $0.168 |
| Mar ’18 | $4.012 | + $0.162 |
| May | $4.070 | + $0.158 |
| Jul | $4.124 | + $0.152 |
| Oil CME-WTI | June 30 | Change |
| Jul | $46.04 | + $3.03 |
| Aug | $46.29 | + $3.02 |
| Sep | $46.51 | + $3.00 |
| Oct | $46.77 | + $2.98 |
| Nov | $47.05 | + $2.97 |
| Dec | $47.31 | + $2.97 |
Equities
| Equity Indexes | June 30 | Change |
| Dow Industrial Average | 21349.63 | – 45.13 |
| NASDAQ | 6140.42 | – 124.83 |
| S&P 500 | 2423.41 | – 14.89 |
| Dollar (DXY) | 95.63 | – 1.67 |