National feeder and stocker cattle report

(Federal-State Market News)

Compared to last week, steers and heifers sold mostly steady to 5.00 higher, with some or the largest gains in the North Central regions.

Rains across the Corn Belt were of mixed intensity this past week as weather will continue to be watched for follow up rains and temperatures going into July, and more rain in the forecast for this coming week.

Feeder cattle contracts gained this past week with August gaining 4.52 for the week closing at 159.55, September gained 4.02 for the week closing at 161.25 on Friday.

A lower corn market was welcomed for feeders; new crop corn has seen pressure due to the rains across the Corn Belt and falling corn prices were a main driver for higher feeder cattle prices. July corn for the week closed near 19 cents lower with new crop corn falling below the 5.50 level as September corn closed near 47 cents lower for the week at 5.30 1/4 and December corn closing Friday at 5.19 1/4.

There were several stick out auctions this past week with Bassett, NE on Wednesday pretty much topping the list in all weight categories a few highlights included 366 head of 800-850 lb steers averaging 812 lbs selling for a weighted average price of 157.02, 343 head of 650-700 lb steers averaging 675 lbs sold for a weighted average price of 171.56, with 184 head of thin fleshed steers averaging 606 lbs trading for a weighted average price of 182.76.

Northern Video out of Billings, MT held their video auction on Thursday with a very active market on fall calves for delivery. Included 350 head of value added steer calves weighing 620 lbs for October at 174.00; 575 head of 650-700 lbs averaging 679 lbs sold for a weighted average price 171.54 also for October delivery.

Boxed-beef values continue to weaken substantially this week with Choice loosing near 19.00 and closing Friday at 304.56 and Select closing at 276.18. Boxed-beef prices seasonally decline through July until Labor Day and that trend is expected. Fed cattle trade this past week was very quiet and mostly lightly tested with a few sales in the Southern Plains from 122.00-126.00 and in the Northern Plains from 125.00-126.00, few dressed sales at 197.00.

Cattle Slaughter under Federal Inspection estimated at 661K for the week, 2K less than last week, and 4K less than last year.

Cattle on Feed report was released on Friday with On Feed at 100.2 percent, Placements at 93.1 percent and Marketings 123.4 percent; Placements were a couple of percentage points below most estimates with On Feed and Marketings mostly in line with most estimates. Auction volume this week 57 pct over 600 lbs and 43 pct heifers.

Northwest Weighted Average Direct Feeder Cattle

Weekly Summary WA-OR-ID-UT

This Week Last Week Last Year

Compared to last week: Steers and Heifers were steady. Demand good to moderate. Supply included: 100% Feeder Cattle (53.6% Steers, 46.4% 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, MT.

Steers — Medium and Large 1

69 Head: 817 lbs, 142.61 Current DEL

240 Head: 900 lbs, 136.50 Current DEL

75 Head: 650 lbs, 157.00 Dec DEL

Heifers — Medium and Large 1

40 Head: 800 lbs, 131.00 Current DEL

37 Head: 880 lbs, 130.00 Current DEL

180 Head: 875 lbs, 143.00 Aug-Sep DEL

75 Head: 600 lbs, 150.00 Dec DEL