(Federal-State Market News)

St. Joseph, Mo.

July 12

RECEIPTS:      Auctions      Direct    Video/Internet       Total
This Week      135,700       77,700           121,100       335,500
Last Week       24,700       27,200            39,200        91,100
Year Ago       170,100      109,700           324,500       604,300

Compared to last week, steers and heifers sold steady to 5.00 higher 
earlier in the week, while later week sales were quoted from 3.00 to 
10.00 higher.  Demand was good to very good on moderate supply this 
first week after Independence Day.  Market activity at special sales 
throughout the country was strong this week, especially after Tuesday’s 
rally on the CME Feeder Board and traders quickly and aggressively 
moved back into the market.  On Wednesday at Bassett(NE) Livestock 
Auction, many reputation one iron branded cattle were on offer and 
demanded some lofty prices.  Over 1,000 head of 900-950 lbs steers 
on offer there had a top price paid of 153.75 and a load of 581 lbs 
Fancy grazing steers sold at 200.50.  Buyers wanted those cattle and 
were not fazed when it came to getting their hand in the air.  Western 
Video Market held their three-day sale in Reno, NV with near 118,000 
head sold and Superior Livestock offered 209,000 head during their 
Week in the Rockies Sale held in Loveland, CO.  So..ranchers were ready 
and willing to sell cattle out front with the market getting a little bounce.  
It appears the packer needs inventory and the fed cattle market is bracing 
for a higher market.  Market ready fed cattle supplies in the Northern 
Plains are very current and for the time being will remain that way while 
the Southern Plains will more than likely remain at a discount because of 
large numbers of cattle on feed.  Market support has been building on 
increased trade that has returned since the 4th of July Holiday.  Steer 
carcass weights for week ending June 29 were flat with the previous week’s 
854 lbs, further suggesting the overall currentness of fed cattle in the 
country.  That week was represented the second largest fed cattle harvest 
of 2019.  Even though the cutout has turned lower, packer margins are 
reading on the positive side despite having to increase bids to get cattle 
purchased. For the week, the Choice cutout closed 4.87 lower at 212.80 
while Select was 5.20 lower at 189.60.  Cattle Slaughter under federal 
inspection estimated at 655K for the week, 82K more than last week 
(Holiday) and 5K more than a year ago.   Auction volume this week included 
54 percent weighing over 600 lbs and 39 percent heifers. 
Northwest Weighted Average Direct Feeder Cattle 
Weekly Summary WA-OR-ID-UT
July 12
Receipts:  592      Last Week:  190    Year Ago:  1,522

   Compared to last week:  Feeder cattle lightly tested and few sales
3.00-4.00 higher.  Demand good.  Cattle futures finally turning higher
and this gave a boost to feeder demand.  Supply consisted of 100 percent
over 600 lbs. and 35 percent heifers.  Unless otherwise stated prices are
FOB weighting points with 2-3 percent shrink or equivalent and a 5-10
cent slide on calves and a 4-12 cent slide on yearlings from base
weights.  Current sales are up to 14 days delivery. 

                Feeder Steers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   42      750       750       145.00         145.00   Current Del   
   35      800       800       139.00         139.00   Current Del   
   70      875       875       130.00         130.00   Current Del   
  240      900       900       133.00         133.00   Current Del   

                Feeder Heifers Medium and Large 1
 Head   Wt Range   Avg Wt    Price Range   Avg Price  Delivery
   35      750       750       133.00         133.00   Current Del   
  100      825       825       123.00         123.00   Current Del   
   70      850       850       122.00         122.00   Current Del   

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