AND STOCKER CATTLE
(Federal-State Market News)
St. Joseph, Mo.
This Week: 182,900
Last Week: 277,900
Year Ago: 271,900
Compared to last week, steers and heifers sold 1.00 to 5.00 lower. Auctions will now start to transition to sales every two weeks as the calendar turns to May. On this report, Year-to-Date auction receipts are over 450K larger than last year and total receipts are over 800K more than a year ago.
Not only have auctions receipts been larger than a year ago, beef cow slaughter has also been on the uptick as well. Compared to a year ago (March 31 YTD), beef cow slaughter is 0.2% more while those numbers are more than 16% over the previous five-year average.
The beef cow inventory is well documented and has been hovering around 34 million to 35 million on Jan. 1 for a few years now.
With the increase of year on year beef cow slaughter, it could be surmised that the beef cow herd could be in a contraction situation by coupling the beef cow slaughter increase with the increase in feed costs through the first quarter of CY2021.
Last week, the nearby corn contract closed week at 7.40, 0.8450 higher than the previous Friday. When adding in the previous three-week gains on that contract, May corn futures were 1.8025 higher in four weeks. The front five CME Feeder cattle contracts bounced around all week long and were 0.25 to 0.875 lower on the week; not like the sharply lower trading of the previous week.
Negotiated cash fed cattle in the Southern Plains were lightly tested this week steady to 2.00 lower at 118.00 to 119.00. Dressed sales in Nebraska sold at 190.00 to 191.00, 1.00 to 2.00 lower than the previous week.
Demand for beef continues to push the cutout higher as the wholesale buying for the grilling season is upon us. Choice boxed beef values closed the week 12.73 higher at 196.50, while Select was 10.92 higher at 283.05. The Choice-Select spread widened this week and was published at 13.45. Steer dressed weight for week ending April 17, 2021 was reported at 898 lbs, 2 lbs less than the previous week and 9 lbs heaver than a year ago.
Cattle Slaughter under federal inspection estimated at 649K for the week, 16K less than last week, and 210K more than a year ago. Year-to-Date cattle slaughter is estimated at near 3.5 percent more than a year ago, currently. Auction volume this week included 51% weighing over 600 lbs and 44% heifers.
Northwest Weighted Average Direct Feeder Cattle
Weekly Summary WA-OR-ID-UT
This Week Last Week Last year
1003 515 660
Compared to last week: Not enough trades last week for a trend. Supply included: 100% Feeder Cattle (42.1% Steers, 57.9% Heifers). Feeder cattle supply over 600 lbs was 100%. Unless otherwise noted, Feeder Cattle prices FOB based on net weights after a 2-3% shrink or equivalent, with a 4-8 cent slide > 600 lbs. Livestock reported this week originated from ID, UT, WA.
Steers — Medium and Large 1
170 Head: 719 lbs, 145.41 Current DEL
18 Head: 800 lbs, 138.00 Current DEL
60 Head: 875 lbs, 129.00 Current DEL
120 Head: 900 lbs, 128.00 Current DEL
54 Head: 950 lbs, 130.00 Current DEL
Heifers — Medium and Large 1
141 Head: 800 lbs, 128.00 Current DEL
240 Head: 862 lbs, 122.00 Current DEL
135 Head: 900 lbs, 123.00 Current DEL
Heifers — Medium and Large 1-2
65 Head: 850 lbs, 114.72 Current FOB