Steers and heifers sold $5-$10/cwt. lower last week, according to the Agricultural Marketing Service (AMS). Pressure in the cash market came from tumbling Cattle futures prices and sharply lower fed cattle prices.
At the same time, auction receipts drifted lower with rising temperatures and summer sale barn schedules.
“Feedyard pen space is almost getting to be a premium now after the large supplies of feeders going through the marketplace in the last 45-60 days,” AMS analysts say.
Feeder Cattle futures closed an average of $6.15 lower week to week on Friday ($5.37 to $6.45 lower).
Cash fed cattle prices were mostly $5-$9 lower in sluggish, spotty trade at $128-$135. Dressed sales were from $5-$7 lower ($208-$215) to as much as $15 lower late in the week at $200 in Nebraska.
After $9.55 lower in spot June, Live Cattle futures closed an average of $4.35 lower week to week ($2.92 to $5.67 lower).
“The Choice-Select spread exceeded $30/cwt. as packers continued to pursue the higher quality product from show lists that are reported to be on the green side,” AMS analysts say.
“Following the first major grilling holiday, beef prices are usually supported by other grilling holidays, but prices do begin to soften,” explained Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “As Father’s Day approached and Independence Day approaches, there have not been any signs of the market moving lower. The Choice and Select cutout prices would indicate strong demand for beef products as production remains above a year ago, as do prices.”
Friday to Friday Change*
Weekly Auction Receipts
| Receipts | Auction | Change | Direct | Change | Video/Internet | Change | Total | Change |
| June 16 | 146,700 | -31,000 | 32,500 | – 35,500 | 200 | -30,200 | 179,400 | -97,000 |
CME Feeder Index
| CME Feeder Index | June 15 | Change |
| $151.07 | – $3.84 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | June 16 | Change |
| 600-700 lbs. | $169.97 | – $11.42 |
| 700-800 lbs. | $160.99 | – $9.75 |
| 800-900 lbs. | $149.28 | – $8.51 |
South Central
| Steers-Cash | June 16 | Change |
| 500-600 lbs. | $166.63 | – $7.99 |
| 600-700 lbs. | $156.58 | – $9.58 |
| 700-800 lbs. | $150.56 | – $6.65 |
| 800-900 lbs. | $145.78 | – $6.10 |
Southeast
| Steers-Cash | June 16 | Change |
| 400-500 lbs. | $165.57 | – $4.70 |
| 500-600 lbs. | $158.76 | – $4.97 |
| 600-700 lbs. | $151.38 | – $3.04 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | June 16 ($/cwt) | Change |
| Choice | $249.84 | – $1.37 |
| Select | $219.80 | – $0.49 |
| Ch-Se Spread | $30.04 | – $0.88 |
Futures
| Feeder Cattle | June 16 | Change |
| Aug | $147.875 | – $6.300 |
| Sep | $147.350 | – $6.275 |
| Oct | $145.825 | – $6.450 |
| Nov | $144.125 | – $6.750 |
| Jan ’18 | $138.500 | – $6.350 |
| Mar | $136.575 | – $5.925 |
| Apr | $135.950 | – $5.750 |
| Aug | $135.425 | – $5.375 |
| Live Cattle | June 16 | Change |
| Jun | $121.700 | – $9.550 |
| Aug | $118.175 | – $5.675 |
| Oct | $115.350 | – $4.525 |
| Dec | $116.075 | – $4.425 |
| Feb ’18 | $116.375 | – $4.475 |
| Apr | $114.350 | – $4.300 |
| Jun | $107.350 | – $4,100 |
| Aug | $106.000 | – $2.925 |
| Corn futures | June 16 | Change |
| Jul | $3.840 | – $0.036 |
| Sep | $3.920 | – $0.036 |
| Dec | $4.020 | – $0.040 |
| Mar ’18 | $4.112 | – $0.034 |
| May | $4.164 | – $0.036 |
| Jul | $4.214 | – $0.036 |
| Oil CME-WTI | June 16 | Change |
| Jul | $44.74 | – $1.09 |
| Aug | $44.97 | – $1.10 |
| Sep | $45.20 | – $1.12 |
| Oct | $45.41 | – $1.12 |
| Nov | $45.67 | – $1.09 |
| Dec | $45.94 | – $1.03 |
Equities
| Equity Indexes | June 16 | Change |
| Dow Industrial Average | 21384.38 | + 112.41 |
| NASDAQ | 6151.76 | – 56.16 |
| S&P 500 | 2433.15 | + 1.38 |
| Dollar (DXY) | 97.14 | – 0.14 |