Steers and heifers sold mostly steady to $4 lower, according to the Agricultural Marketing Service (AMS).
“Nice runs of longtime-weaned calves, along with fewer calves right off the
cow, were reported at most sales in the country this week,” AMS analysts explained. “Most offerings have now been fully preconditioned. However, weaned calves, in addition to the bawling calves, displayed a little extra flesh this week.”
Except for 50¢ lower in the back contract, Feeder Cattle futures closed an average of $3.77 lower week to week on Friday ($2.05 to $5.10 lower).
Negotiated cash fed cattle trade for the week was $2-$4 lower at $117.00 to $118.50/cwt. Dressed sales were $3-$4 lower at $186-$187.
Live Cattle futures closed an average of $2.04 lower week to week on Friday ($1.20 to $3.67 lower).
“Live cattle futures have certainly put a damper on cash prices the past couple of weeks, but cash and futures have not been in full parity during the decline as cash prices have only declined $6/cwt.,” says Andrew P. Griffith, Agricultural economist at the University of Tennessee, in his weekly market comments. “Cattle feeders do not have to be happy about declining prices, but they can take some comfort in prices not completely following technical trade in the futures market, which means cash trade is still taking into account the fundamentals of the market.”
“Packers have been aggressive in purchasing cattle, even though margins are not as desirable that they once were,” AMS analysts say.
Choice boxed beef cutout value was 40¢ lower week to week on Friday at $205.59; Select was $2.36 higher at $185.97.
“It is unlikely there are so many short bought in the market place that Choice beef will surge in the next two weeks,” Griffith says. “Alternatively, it appears some beef buyers are beginning to secure inventory for Select beef needs for the winter months.”
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Dec. 08 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
334,300 (+76,900) |
18,200 (-10,300) |
1,900 (-18,300) |
354,400 (+48,300) |
CME Feeder Index
| CME Feeder Index | Dec. 7 | Change |
| $154.40 | – $2.80 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Dec. 08 | Change |
| 600-700 lbs. | $169.94 | – $3.43 |
| 700-800 lbs. | $162.79 | – $1.80 |
| 800-900 lbs. | $153.17 | – $4.09 |
South Central
| Steers-Cash | Dec. 08 | Change |
| 500-600 lbs. | $167.52 | – $1.33 |
| 600-700 lbs. | $158.67 | – $1.74 |
| 700-800 lbs. | $156.19 | + $0.15 |
Southeast
| Steers-Cash | Dec. 08 | Change |
| 400-500 lbs. | $155.66 | – $8.00 |
| 500-600 lbs. | $151.88 | – $1.50 |
| 600-700 lbs. | $140.20 | – $5.94 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Dec. 08 ($/cwt) | Change |
| Choice | $205.59 | – $0.40 |
| Select | $185.97 | + $2.36 |
| Ch-Se Spread | $19.62 | – $2.66 |
Futures
| Feeder Cattle | Dec. 08 | Change |
| Jan ’18 | $145.225 | – $5.100 |
| Mar | $143.325 | – $4.700 |
| Apr | $143.650 | – $4.500 |
| May | $143.725 | – $3.700 |
| Aug | $145.525 | – $3.775 |
| Sep | $145.075 | – $3.450 |
| Oct | $145.175 | – $2.925 |
| Nov | $145.100 | – $2.020 |
| Live Cattle | Dec. 08 | Change |
| Dec | $115.575 | – $1.650 |
| Feb ’18 | $118.300 | – $3.675 |
| Apr | $120.200 | – $2.825 |
| Jun | $113.100 | – $2.675 |
| Aug | $110.575 | – $2.075 |
| Oct | $110.900 | – $1.600 |
| Dec | $112.525 | – $1.325 |
| Feb ’19 | $113.325 | – $1.300 |
| Apr | $113.050 | – $1.200 |
| Corn futures | Dec. 08 | Change |
| Dec | $3.400 | – $0.046 |
| Mar ’18 | $3.526 | – $0.060 |
| May | $3.610 | – $0.054 |
| Jul | $3.692 | – $0.052 |
| Sep | $3.764 | – $0.050 |
| Dec | $3.850 | – $0.046 |
| Oil CME-WTI | Dec. 08 | Change |
| Jan 18 | $57.36 | – $1.00 |
| Feb | $57.44 | – $0.94 |
| Mar | $57.46 | – $0.85 |
| Apr | $57.46 | – $0.71 |
| May | $57.39 | – $0.56 |
| June | $57.23 | – $0.43 |
Equities
| Equity Indexes | Dec. 08 | Change |
| Dow Industrial Average | 24329.16 | + 97.57 |
| NASDAQ | 6840.08 | – 7.51 |
| S&P 500 | 2651.50 | + 9.28 |
| Dollar (DXY) | 93.90 | + 1.01 |