Steer and heifer calves and feeders sold steady to $5/cwt. higher last week, according to the Agricultural Marketing Service. Analysts there say demand continued strong for cattle suited to summer grazing.
“Demand was quoted as good to very good at most auctions this week as long
strings and high-quality cattle were on consignments sheets,” AMS analysts say.
Along the way, drought continues to push more cattle to market earlier than normal.
Calf and feeder cattle prices were helped along by funds apparently extending their long position on fundamental strength and expectations. Perhaps part of those expectations had to do with the Economic Research Service reducing projected beef production for the year, based on more cattle placed earlier late last year, leaving fewer for this year. The monthly Cattle on Feed report due out this Friday will provide more insight to the placement picture.
Feeder Cattle futures closed an average of $3.71 higher week to week on Friday ($2.85 to $4.65 higher).
Snug front-end supplies and continued demand strength helped push cash fed cattle prices higher in late-week trade. Live prices were $3-$4 higher than the previous week at $129-$130/cwt. Dressed trade was $5 higher at $205.
Live Cattle futures closed an average of $2.60 higher week to week on Friday ($1.55 to $4.02 higher).
Wholesale beef values improved with a sense that the seasonal price rally is close at hand.
Choice boxed beef cutout value was $3.36 higher week to week on Friday at $209.88 per cwt. Select was $2.38 higher at $205.12.
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Feb. 16 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
238,000 (+13,700) |
62,900 (+5,200) |
2,200 (-24,300) |
303,100 (-5,400) |
CME Feeder Index
| CME Feeder Index | Feb. 15 | Change |
| $148.15 | + 0.56 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Feb. 16 | Change |
| 600-700 lbs. | $170.91 | + $0.40 |
| 700-800 lbs. | $156.14 | + $0.89 |
| 800-900 lbs. | $145.96 | – $0.19 |
South Central
| Steers-Cash | Feb. 16 | Change |
| 500-600 lbs. | $176.25 | + $1.99 |
| 600-700 lbs. | $162.82 | + $2.55 |
| 700-800 lbs. | $148.52 | – $0.78 |
Southeast
| Steers-Cash | Feb. 16 | Change |
| 400-500 lbs. | $177.19 | + $4.16 |
| 500-600 lbs. | $165.60 | + $3.23 |
| 600-700 lbs. | $153.29 | + $4.45 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Feb. 16 ($/cwt) | Change |
| Choice | $209.88 | + $3.36 |
| Select | $205.12 | + $2.38 |
| Ch-Se Spread | $4.76 | + $0.98 |
Futures
| Feeder Cattle | Feb. 16 | Change |
| Mar | $149.725 | + $3.525 |
| Apr | $152.400 | + $4.650 |
| May | $152.825 | + $4.500 |
| Aug | $155.350 | + $4.350 |
| Sep | $155.100 | + $3.675 |
| Oct | $154.950 | + $3.075 |
| Nov | $154.525 | + $3.050 |
| Jan ’19 | $150.000 | + $2.850 |
| Live Cattle | Feb. 16 | Change |
| Feb | $130.100 | + $3.575 |
| Apr | $127.650 | + $4.025 |
| Jun | $118.675 | + $3.250 |
| Aug | $115.625 | + $2.800 |
| Oct | $117.125 | + $2.525 |
| Dec | $118.850 | + $2.200 |
| Feb ’19 | $119.050 | + $1.800 |
| Apr | $118.950 | + $1.550 |
| Jun | $112.800 | + $1.700 |
| Corn futures | Feb. 16 | Change |
| Mar | $3.674 | + $0.054 |
| May | $3.750 | + $0.054 |
| Jul | $3.826 | + $0.052 |
| Sep | $3.894 | + $0.052 |
| Dec | $3.970 | + $0.048 |
| Mar ’19 | $4.046 | + $0.046 |
| Oil CME-WTI | Feb. 16 | Change |
| Mar | $61.68 | + $2.48 |
| Apr | $61.55 | + $2.56 |
| May | $61.20 | + $2.53 |
| Jun | $60.73 | + $2.41 |
| Jul | $60.19 | + $2.29 |
| Aug | $59.63 | + $2.18 |
Equities
| Equity Indexes | Feb. 16 | Change |
| Dow Industrial Average | 25219.38 | + 1028.48 |
| NASDAQ | 7239.46 | + 364.97 |
| S&P 500 | 2732.22 | + 112.67 |
| Dollar (DXY) | 89.12 | – 1.23 |