Steer and heifer prices started the week as much as $8/cwt. lower and then finished as much as $7-$8 higher, according to the Agricultural Marketing Service (AMS). Overall trade was pegged at $4 lower to $4 higher.
“Demand for feeder cattle and yearlings was moderate to very good,” AMS analysts said. “For un-weaned or short-weaned calves, demand was light to moderate at best.”
The week got off to a rocky start with limit-down moves in Cattle futures, tied to the previous Friday’s Cattle on Feed report indicating more placements than expected. Although stability returned quickly, futures were hampered later in the week with positioning for the end of the month and quarter.
Feeder Cattle futures closed an average of $2.32 lower week to week on Friday ($1.45 to $3.87 lower), including expiring Sep.
Cash fed cattle trade ended the week primarily steady with the previous week on a live basis at $108/cwt.—$1 lower in Nebraska. Dressed trade was steady to $2 higher at $172.
Live Cattle futures closed an average of $1.82 lower week to week on Friday ($1.30 to $4.47 lower).
Choice boxed beef cutout value was $5.02 higher week to week on Friday afternoon at $196.62 per cwt. Select was 23¢ lower at $188.50.
“September and October are two months when beef prices do more wallowing than moving in a defined direction,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “This is largely due to moving from the grilling holidays of summer to a time period of relatively strong beef supplies and indifference by consumers for beef products prior to the year-end holidays.”
Friday to Friday Change*
Weekly Auction Receipts
| Receipts | Auction | Change | Direct | Change | Video/Internet | Change | Total | Change |
| Sept. 29 | 166,500 |
-46,900 |
42,700 | -17,900 | 1,800 | -65,300 | 211,000 | -130,100 |
CME Feeder Index
| CME Feeder Index | Sept. 28 | Change |
| $153.06 | + $1.62 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | Sept. 29 | Change |
| 600-700 lbs. | $166.74 | – $0.51 |
| 700-800 lbs. | $162.17 | + $0.97 |
| 800-900 lbs. | $158.71 | + $1.56 |
South Central
| Steers-Cash | Sept. 29 | Change |
| 500-600 lbs. | $160.03 | – $0.54 |
| 600-700 lbs. | $156.70 | – $1.08 |
| 700-800 lbs. | $153.75 | – $0.87 |
Southeast
| Steers-Cash | Sept. 29 | Change |
| 400-500 lbs. | $156.53 | – $2.57 |
| 500-600 lbs. | $146.60 | – $2.07 |
| 600-700 lbs. | $141.45 | – $0.59 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | Sept. 29 ($/cwt) | Change |
| Choice | $196.62 | + $5.02 |
| Select | $188.50 | – $0.23 |
| Ch-Se Spread | $8.12 | + $5.25 |
Futures
| Feeder Cattle | Sept. 29 | Change |
| Sep | $152.960 | – $0.440 |
| Oct | $152.225 | – $3.875 |
| Nov | $154.000 | – $3.625 |
| Jan ’18 | $151.525 | – $2.325 |
| Mar | $148.725 | – $1.575 |
| Apr | $148.650 | – $1.450 |
| May | $147.825 | – $1.925 |
| Aug | $148.550 | – $1.475 |
| Live Cattle | Sept. 29 | Change |
| Oct | $109.100 | – $2.475 |
| Dec | $115.250 | – $2.175 |
| Feb ’18 | $118.625 | – $1.425 |
| Apr | $119.850 | – $2.100 |
| Jun | $113.050 | – $1.850 |
| Aug | $110.725 | – $1.300 |
| Oct | $111.400 | – $1.575 |
| Dec | $112.675 | – $1.675 |
| Feb | $113.150 | – $1.850 |
| Corn futures | Sept. 29 | Change |
| Dec | $3.552 | + $0.018 |
| Mar ’18 | $3.676 | + $0.016 |
| May | $3.762 | + $0.018 |
| Jul | $3.836 | + $0.022 |
| Sep | $3.900 | + $0.020 |
| Dec | $3.994 | + $0.030 |
| Oil CME-WTI | Sept. 29 | Change |
| Nov | $51.67 | + $1.01 |
| Dec | $51.95 | + $0.92 |
| Jan 18 | $52.14 | + $0.83 |
| Feb | $52.22 | + $0.75 |
| Mar | $52.24 | + $0.68 |
| Apr | $52.21 | + $0.61 |
Equities
| Equity Indexes | Sept. 29 | Change |
| Dow Industrial Average | 22405.09 | + 55.50 |
| NASDAQ | 6495.96 | + 69.04 |
| S&P 500 | 2519.36 | + 17.14 |
| Dollar (DXY) | 93.07 | + 0.93 |