Yearling steers and heifers sold steady to $8/cwt. higher, according to the Agricultural Marketing Service (AMS). They traded $2-$5 higher in the Southeast. Steer and heifers calves traded steady to $5 higher.
“Extreme heat plagued parts of the Plains and Midwest with temperatures topping in the mid 90’s, which slowed cattle movement in some areas,” AMS analysts explained. “In the Southern Plains and southern Midwest, where you see more yearling crossbred cattle with exotic influence, the price margins narrowed between Medium and Large #1 and #1-2 feeders. This is due to the fact that these type of cattle can go anywhere this time of year due to warmer temperatures.”
Increasing demand for calves and feeder cattle was evident despite volatile and lower Cattle futures prices.
Week to week on Friday, Feeder Cattle futures closed an average of $2.99 lower across the front five contracts ($1.00 to $4.55 lower) and then an average of 57¢ higher.
After 42¢ higher in spot Jun Live Cattle futures closed an average of 77¢ lower (5¢ to $2.20 lower).
“There was some evidence that the sharp turn in the futures affected a few cattle markets during the middle of the week,” AMS analysts said. “However, most traders shook off the negative news and continued to purchase yearlings at higher prices as feedlots are trying to keep up with packer demand and keep pen space full.”
There was no such eagerness from packer buyers. Only about 25% of the 1,396 head offered sold in the weekly Fed Cattle Exchange auction—moved from Wednesday to Thursday due to technical problems. The weighted average price was $136.75 for delivery at 1-17 days.
By late Friday afternoon, though, country trade for the week had yet to materialize to any degree. There were a few live sales ($136) and a few in the beef ($218), about square in the middle of steady money—in Nebraska and the western Corn Belt—but too few to trend.
Friday to Friday Change*
Weekly Auction Receipts
| Receipts | Auction | Change | Direct | Change | Video/Internet | Change | Total | Change |
| June 2 | 177,700 | +57,600 | 68,000 | +24,100 | 30,700 | +30,400 | 276,400 | +112,100 |
CME Feeder Index
| CME Feeder Index | June 8 | Change |
| 154.91 | + $5.11 |
*Thursday-to Thursday for CME Feeder Index
Cash Stocker and Feeder
North Central
| Steers-Cash | June 9 | Change |
| 600-700 lbs. | $181.39 | + 6.58 |
| 700-800 lbs. | $170.74 | + 7.59 |
| 800-900 lbs. | $157.79 | + 3.11 |
South Central
| Steers-Cash | June 9 | Change |
| 500-600 lbs. | $174.62 | + 0.37 |
| 600-700 lbs. | $166.16 | + 5.21 |
| 700-800 lbs. | $157.21 | + 4.24 |
Southeast
| Steers-Cash | June 9 | Change |
| 400-500 lbs. | $170.04 | + 3.97 |
| 500-600 lbs. | $163.73 | + 4.25 |
| 600-700 lbs. | $154.42 | + 4.78 |
(AMS National Weekly Feeder & Stocker Cattle Summary)
Wholesale Beef Value
| Boxed Beef (p.m.) | June 9 ($/cwt) | Change |
| Choice | $251.21 | + $5.97 |
| Select | $220.29 | + $2.23 |
| Ch-Se Spread | $30.92 | + $3.74 |
Futures
| Feeder Cattle | June 9 | Change |
| Aug | $154.175 | – $4.550 |
| Sep | $153.625 | – $4.200 |
| Oct | $152.275 | – $3.425 |
| Nov | $150.875 | – $1.775 |
| Jan ’18 | $144.850 | – $1.000 |
| Mar | $142.500 | + $0.325 |
| Apr | $141.700 | + $0.650 |
| Aug | $140.800 | + $0.725 |
| Live Cattle | June 9 | Change |
| Jun | $131.250 | + $0.425 |
| Aug | $123.850 | – $2.200 |
| Oct | $119.875 | – $1.125 |
| Dec | $120.500 | – $0.975 |
| Feb ’18 | $120.850 | – $0.475 |
| Apr | $118.650 | – $0.300 |
| Jun | $111.450 | – $0.300 |
| Aug | $108.925 | – $0.050 |
| Corn futures | June 9 | Change |
| Jul | $3.876 | + $0.150 |
| Sep | $3.956 | + $0.150 |
| Dec | $4.060 | + $0.150 |
| Mar ’18 | $4.146 | + $0.140 |
| May | $4.200 | + $0.130 |
| Jul | $4.250 | + $0.128 |
| Oil CME-WTI | June 9 | Change |
| Jul | $45.83 | – $1.83 |
| Aug | $46.07 | – $1.80 |
| Sep | $46.32 | – $1.73 |
| Oct | $46.53 | – $1.67 |
| Nov | $46.76 | – $1.61 |
| Dec | $46.97 | – $1.54 |
Equities
| Equity Indexes | June 9 | Change |
| Dow Industrial Average | 21271.97 | + 65.68 |
| NASDAQ | 6207.92 | – 97.88 |
| S&P 500 | 2431.77 | – 7.30 |
| Dollar (DXY) | 97.28 | + 0.62 |