Cattle markets started the week softer and ended that way, too, as wholesale beef values turned lower, cattle feeders took lower prices early in the week and packers are apparently stocked up heading into Thanksgiving week
Steers and heifers sold mostly steady to $5/cwt. lower, according to the Agricultural Marketing Service (AMS).
Not counting newly minted away-Nov, Feeder Cattle futures closed an average of $4.55 lower week to week on Friday ($3.62 to $5.45 lower).
Negotiated cash fed cattle trade was mainly $2-$4 lower at mostly $119-$120/cwt. Dressed trade was steady to $4 lower at $188-$190.
“Packers still had an appetite to keep the chain speed ramped up for market-ready steers and heifers,” explained AMS analysts. “Actual cattle slaughter for the week ending Nov. 4 was reported near 646,000, around 13,000 more than the previous five-week average. The dressed steer slaughter weight has now been reported over 900 lbs. for the second week in a row, however still 11 lbs. under the year-ago published weight.”
Live Cattle futures closed an average of $2.46 lower week to week on Friday ($2.02 to $3.12 lower).
Choice boxed beef cutout value was $6.61 lower week to week on Friday at $207.24 per cwt. Select was $6.66 lower at $187.85.
“Retailers have been increasing beef specials, even with Turkey Day upon us,” AMS analysts say. “Standing rib roasts were the most advertised items on the National Retail Beef Report with nearly a third of all stores sampled having that item on their circular. Middle meat volumes on that report were nearly 75% higher than a week earlier.”
Heading into the holiday-shortened week, Friday’s Cattle on Feed report will likely add to the gloomy outlook. October placements were 10.2% more than a year earlier, and about 3% more than most pre-report estimates.
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Nov. 17 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
320,200 (-38,000) |
26,600 (-17,000) |
2,200 (+200) |
349,000 (-54,800) |
CME Feeder Index
| CME Feeder Index | Nov. 16 | Change |
| $157.55 | – $1.82 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Nov. 17 | Change |
| 600-700 lbs. | $165.28 | – $2.61 |
| 700-800 lbs. | $160.06 | – $1.80 |
| 800-900 lbs. | $161.37 | – $0.12 |
South Central
| Steers-Cash | Nov. 17 | Change |
| 500-600 lbs. | $164.22 | – $3.42 |
| 600-700 lbs. | $158.48 | – $3.91 |
| 700-800 lbs. | $155.62 | – $5.96 |
Southeast
| Steers-Cash | Nov. 17 | Change |
| 400-500 lbs. | $161.24 | + $1.15 |
| 500-600 lbs. | $150.95 | – $1.67 |
| 600-700 lbs. | $143.27 | – $1.32 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Nov. 17 ($/cwt) | Change |
| Choice | $207.24 | – $6.61 |
| Select | $187.85 | – $6.66 |
| Ch-Se Spread | $19.39 | + $0.05 |
Futures
| Feeder Cattle | Nov. 17 | Change |
| Jan ’18 | $151.725 | – $5.450 |
| Mar | $150.125 | – $4.950 |
| Apr | $150.175 | – $5.075 |
| May | $149.525 | – $4.825 |
| Aug | $152.100 | – $3.725 |
| Sep | $150.175 | – $4.225 |
| Oct | $148.825 | – $3.625 |
| Nov | $147.125 | n/a |
| Live Cattle | Nov. 17 | Change |
| Dec | $118.550 | – $2.025 |
| Feb ’18 | $124.675 | – $2.075 |
| Apr | $124.875 | – $2.225 |
| Jun | $117.650 | – $2.225 |
| Aug | $113.975 | – $2.975 |
| Oct | $113.725 | – $3.125 |
| Dec | $115.450 | – $2.600 |
| Feb ’19 | $116.025 | – $2.350 |
| Apr | $115.500 | – $2.525 |
| Corn futures | Nov. 17 | Change |
| Dec | $3.430 | – $0.004 |
| Mar ’18 | $3.550 | – $0.016 |
| May | $3.634 | – $0.018 |
| Jul | $3.712 | – $0.018 |
| Sep | $3.784 | – $0.016 |
| Dec | $3.872 | – $0.020 |
| Oil CME-WTI | Nov. 17 | Change |
| Dec | $56.55 | – $0.19 |
| Jan 18 | $56.71 | – $0.27 |
| Feb | $56.81 | – $0.35 |
| Mar | $56.87 | – $0.41 |
| Apr | $56.89 | – $0.44 |
| May | $56.81 | – $0.47 |
Equities
| Equity Indexes | Nov. 17 | Change |
| Dow Industrial Average | 23358.24 | – 63.97 |
| NASDAQ | 6782.79 | + 31.85 |
| S&P 500 | 2578.85 | – 3.45 |
| Dollar (DXY) | 93.66 | – 0.73 |