Calves and feeder cattle sold uneven last week—$3/cwt. lower to $3 higher—according to the Agricultural Marketing Service (AMS). Analysts there pointed out that prices gained steam as the week progressed with the surge in cattle futures.
“Demand was moderate at best for spring calves and moderate to good
for yearling cattle,” AMS analysts said. “The long-weaned calves are in much more demand than the un-weaned, fleshy bawlers that will become more prevalent as the calendar moves towards Thanksgiving.”
Not counting newly minted away Oct, Feeder Cattle futures closed an average of $4.00 higher week to week on Friday ($1.49 to $4.85 higher).
Through late Friday afternoon, cash fed cattle trade was yet to be established for the week, although all signs pointed toward higher prices.
Live Cattle futures closed an average of $2.92 higher week to week on Friday ($1.62 to $4.75 higher).
Choice boxed beef cutout value was $3.44 higher week to week on Friday at $203.30 per cwt. Select was $1.34 higher at $191.14.
“Demand for beef continues to be strong, though it has demonstrated signs of softening. Beef supply has increased and retail beef prices have decreased compared to the previous couple of years,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “Consumers are buying more beef at lower prices than a couple of years ago but the magnitude of how they change together is needed to determine change in demand.”
Friday to Friday Change*
Weekly Auction Receipts
|
Receipts Oct. 27 |
Auction (head) (Change) |
Direct (head) (Change) |
Video/net (head) (Change) |
Total (head) (Change) |
|
309,800 (+4,600) |
37,900 (+1,600) |
9,900 (-8,600) |
357,600 (+2,400) |
CME Feeder Index
| CME Feeder Index | Oct. 26 | Change |
| $155.12 | + $0.33 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Oct. 27 | Change |
| 600-700 lbs. | $167.74 | + $1.72 |
| 700-800 lbs. | $162.73 | – $2.35 |
| 800-900 lbs. | $159.17 | – $3.37 |
South Central
| Steers-Cash | Oct. 27 | Change |
| 500-600 lbs. | $162.16 | – $0.87 |
| 600-700 lbs. | $156.22 | + $2.02 |
| 700-800 lbs. | $156.11 | + $3.25 |
| 800-900 lbs. | $154.28 | + $3.48 |
Southeast
| Steers-Cash | Oct. 27 | Change |
| 400-500 lbs. | $156.33 | – $0.73 |
| 500-600 lbs. | $148.19 | + $0.80 |
| 600-700 lbs. | $141.16 | + $0.69 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Oct. 27 ($/cwt) | Change |
| Choice | $203.30 | + $3.44 |
| Select | $192.48 | + $1.34 |
| Ch-Se Spread | $10.82 | + $2.10 |
Futures
| Feeder Cattle | Oct. 27 | Change |
| Oct | $155.20 | + $1.495 |
| Nov | $156.475 | + $3.400 |
| Jan ’18 | $155.950 | + $4.625 |
| Mar | $153.000 | + $4.550 |
| Apr | $152.900 | + $4.850 |
| May | $151.900 | + $4.800 |
| Aug | $153.250 | + $4.700 |
| Sep | $152.125 | + $3.575 |
| Live Cattle | Oct. 27 | Change |
| Oct | $115.375 | + $3.700 |
| Dec | $120.825 | + $4.225 |
| Feb ’18 | $125.750 | + $4.475 |
| Apr | $125.025 | + $3.500 |
| Jun | $117.075 | + $2.550 |
| Aug | $114.150 | + $2.300 |
| Oct | $114.400 | + $2.100 |
| Dec | $115.175 | + $1.775 |
| Feb | $114.950 | + $1.625 |
| Corn futures | Oct. 27 | Change |
| Dec | $3.486 | + $0.042 |
| Mar ’18 | $3.624 | + $0.040 |
| May | $3.612 | + $0.040 |
| Jul | $3.786 | + $0.040 |
| Sep | $3.854 | + $0.038 |
| Dec | $3.944 | + $0.032 |
| Oil CME-WTI | Oct. 27 | Change |
| Dec | $53.90 | + $2.06 |
| Jan 18 | $54.09 | + $2.05 |
| Feb | $54.18 | + $2.01 |
| Mar | $54.21 | + $1.95 |
| Apr | $54.20 | + $1.90 |
| May | $54.13 | + $1.84 |
Equities
| Equity Indexes | Oct. 27 | Change |
| Dow Industrial Average | 23434.19 | + 105.56 |
| NASDAQ | 6701.26 | + 72.21 |
| S&P 500 | 2581.07 | + 5.86 |
| Dollar (DXY) | 94.80 | + 1.14 |