There was no national price trend for calves and feeder cattle, given the number of auctions closed for the Thanksgiving holiday. Prices at early-week sales, like Oklahoma National Stockyards and Joplin, came under pressure in response to the previous Friday’s Cattle on Feed report that indicated more placements than expected. Late-week, as futures recovered some, demand was strong at auctions in Nebraska—Burwell and Ericson—as well as the Friday special at Green City, MO.
Week to week on Friday, Feeder Cattle futures closed an average of $1.39 higher across the front half of the board and then an average of 68¢ higher.
Similarly, negotiated cash fed cattle trade started out $1 lower in the Southern Plains at $118/cwt. By the end of the week, though, prices were generally steady to a touch higher in other regions at $120.00 to $120.50/cwt. Dressed trade was steady to $2 higher than the previous week at $190.
After an average of 19¢ lower in the front two contracts, Live Cattle futures closed an average of 59¢ higher week to week on Friday.
Chatter indicates feedyards remain current and that packers remain aggressive, suggesting cash trade this week should be steady to higher.
“It will be difficult for cattle feeders to gain enough leverage the next few weeks to push prices higher than they have already been in the fourth quarter,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “It may be risky to say the fourth quarter high for live cattle has already occurred, but it would seem the only way to push prices past the $124 mark again before the end of the year is if traders on the futures market begin a buying frenzy. Cattle feeders may have to wait until spring before they are able utilize some leverage on packers.”
After sputtering the previous week, wholesale beef values recovered some of the lost ground. Choice boxed beef cutout value was $3.75 higher week to week on Friday at $210.99/cwt. Select was even at $187.85.
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Nov. 24 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
89,800 (-230,400) |
11,500 (-15,100) |
600 (-1,600) |
101,900 (-247,100) |
CME Feeder Index
| CME Feeder Index | Nov. 23 | Change |
| $155.38 | – $2.17 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Nov. 24 | Change |
| 600-700 lbs. | $163.82 | – $1.46 |
| 700-800 lbs. | $158.80 | – $1.26 |
| 800-900 lbs. | $150.64 | – $10.73 |
South Central
| Steers-Cash | Nov. 24 | Change |
| 500-600 lbs. | $164.59 | + $0.37 |
| 600-700 lbs. | $154.82 | – $3.66 |
| 700-800 lbs. | $153.74 | – $1.88 |
Southeast
| Steers-Cash | Nov. 24 | Change |
| 400-500 lbs. | $153.97 | – $7.27 |
| 500-600 lbs. | $148.64 | – $2.31 |
| 600-700 lbs. | $146.26 | + $2.99 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Nov. 24 ($/cwt) | Change |
| Choice | $210.99 | + $3.75 |
| Select | $187.85 | -0- |
| Ch-Se Spread | $20.37 | + $0.98 |
Futures
| Feeder Cattle | Nov. 24 | Change |
| Jan ’18 | $153.300 | + $1.575 |
| Mar | $151.775 | + $1.650 |
| Apr | $151.575 | + $1.000 |
| May | $150.875 | + $1.350 |
| Aug | $152.800 | + $0.700 |
| Sep | $151.125 | + $0.950 |
| Oct | $149.350 | + $0.525 |
| Nov | $147.650 | + $0.525 |
| Live Cattle | Nov. 24 | Change |
| Dec | $118.575 | – $0.275 |
| Feb ’18 | $124.575 | – $0.100 |
| Apr | $125.250 | + $0.375 |
| Jun | $118.225 | + $0.575 |
| Aug | $114.800 | + $0.825 |
| Oct | $114.550 | + $0.825 |
| Dec | $115.825 | + $0.375 |
| Feb ’19 | $116.550 | + $0.525 |
| Apr | $116.150 | + $0.650 |
| Corn futures | Nov. 24 | Change |
| Dec | $3.422 | – $0.008 |
| Mar ’18 | $3.550 | -0- |
| May | $3.632 | – $0.002 |
| Jul | $3.712 | -0- |
| Sep | $3.784 | -0- |
| Dec | $3.874 | + $0.002 |
| Oil CME-WTI | Nov. 24 | Change |
| Dec | $58.95 | + $2.24 |
| Jan 18 | $58.91 | + $2.10 |
| Feb | $58.73 | + $1.86 |
| Mar | $58.48 | + $1.59 |
| Apr | $58.17 | + $1.36 |
| May | $57.81 | + $1.16 |
Equities
| Equity Indexes | Nov. 24 | Change |
| Dow Industrial Average | 23557.99 | + 199.75 |
| NASDAQ | 6889.16 | + 106.37 |
| S&P 500 | 2602.42 | + 23.57 |
| Dollar (DXY) | 92.75 | – 0.91 |