Except for parts of the country where grazing cattle continued to garner steady to higher prices, calves and feeder cattle sold steady to $4/cwt. lower, according to the Agricultural Marketing Service (AMS).
“Auction receipts nationwide typically drop around the first of April, and this year is shaping up to follow that trend,” AMS analysts say. “Year-to-date auction receipts are around 125,000 head behind a year ago, however those totals are 205,000 ahead of the five year average. As the Southern Plains goes through another difficult time with drought conditions, calves being grazed this winter are not as abundant as they typically are in that area.”
Feeder Cattle futures closed an average of $3.02 lower, week to week on Friday ($2.47 to $3.70 lower).
“The front four months on Live Cattle closed 1.87 to 2.55 lower on the week, while the front five Feeder Cattle contracts were 2.95 to 3.70 lower on the week as bears took over after an early week fed cattle trade that was at higher levels and took some market watchers by surprise,” AMS analysts say.
Live Cattle futures closed an average of $2.14 lower week to week on Friday ($1.02 to $2.55 lower).
Negotiated cash fed cattle sold steady to higher, beginning in the Southern Plains on Tuesday. Prices there were $1 higher than the previous week at $127/cwt. Live trade in the Northern Plains was mainly $1-$2 higher at $128-$129. In the western Corn Belt, prices were $1-$3 higher at $128-$131. Dressed prices there and in Nebraska were $1 higher at $205.
“As fed cattle stay in this trading range, packers continue to move boxed beef at higher levels,” AMS analysts say. Choice boxed beef cutout value was $1.45 higher week to week on Friday at $225.59 per cwt. Select was 40¢ lower at $216.86.
Wholesale beef prices have continued to push higher, though the push is a little earlier than normal,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “Choice and Select cutouts have gained $15 and $12 respectively in the past four weeks following flat trade the first month and a half of 2018. Higher cutout prices are being driven by the rib and loin primal, which is to be expected as the market moves closer to grilling season. Rib primal values last week were nearly $44/cwt. higher than the same week one year ago.”
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Mar. 16 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
265,100 (+15,800) |
44,600 (-23,900) |
1,600 (-20,400) |
311,300 (-28,500) |
CME Feeder Index
| CME Feeder Index | Mar. 15 | Change |
| $142.71 | – 1.47 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Mar. 16 | Change |
| 600-700 lbs. | $170.63 | – $2.41 |
| 700-800 lbs. | $150.94 | – $2.87 |
| 800-900 lbs. | $139.92 | – $3.38 |
South Central
| Steers-Cash | Mar. 16 | Change |
| 500-600 lbs. | $177.90 | – $2.23 |
| 600-700 lbs. | $161.59 | – $2.22 |
| 700-800 lbs. | $145.47 | – $2.16 |
Southeast
| Steers-Cash | Mar. 16 | Change |
| 400-500 lbs. | $177.08 | – $2.00 |
| 500-600 lbs. | $164.47 | – $1.01 |
| 600-700 lbs. | $150.57 | – $0.80 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Mar. 16 ($/cwt) | Change |
| Choice | $225.59 | + $1.45 |
| Select | $216.86 | – $0.40 |
| Ch-Se Spread | $8.73 | + $1.85 |
Futures
| Feeder Cattle | Mar. 16 | Change |
| Mar | $139.975 | – $2.550 |
| Apr | $140.200 | – $2.950 |
| May | $140.950 | – $3.700 |
| Aug | $146.250 | – $3.500 |
| Sep | $147.375 | – $3.250 |
| Oct | $147.550 | – $3.000 |
| Nov | $147.275 | – $2.725 |
| Jan ’19 | $142.575 | – $2.475 |
| Live Cattle | Mar. 16 | Change |
| Apr | $121.250 | – $1.875 |
| Jun | $111.750 | – $2.550 |
| Aug | $109.125 | – $2.525 |
| Oct | $111.900 | – $2.500 |
| Dec | $115.225 | – $2.275 |
| Feb ’19 | $116.600 | – $1.800 |
| Apr | $116.775 | – $1.575 |
| Jun | $110.675 | – $1.000 |
| Aug | $108.850 | – $1.025 |
| Corn futures | Mar. 16 | Change |
| May | $3.826 | – $0.078 |
| Jul | $3.910 | – $0.070 |
| Sep | $3.966 | – $0.058 |
| Dec | $4.036 | – $0.036 |
| Mar ’19 | $4.104 | – $0.032 |
| May | $4.146 | – $0.038 |
| Oil CME-WTI | Mar. 16 | Change |
| Apr | $62.34 | + $0.30 |
| May | $62.41 | + $0.49 |
| Jun | $62.25 | + $0.56 |
| Jul | $61.94 | + $0.61 |
| Aug | $61.49 | + $0.60 |
| Sep | $61.03 | + $0.61 |
Equities
| Equity Indexes | Mar. 16 | Change |
| Dow Industrial Average | 24946.51 | – 389.23 |
| NASDAQ | 7481.99 | – 78.82 |
| S&P 500 | 2752.01 | – 34.56 |
| Dollar (DXY) | 90.19 | + 0.01 |