Today’s Livestock Market Update

With feedlots in the North able to sell cattle $2.00 to $3.00 higher — the futures complex didn’t bat an eye at trading higher.

LIVE CATTLE:

On Wednesday, the cattle complex may have closed lower amid more news spreading about the HPAI virus, but traders quickly shook that news behind them and advanced the market notably through Thursday’s trade as strong fundamental support surfaced from better cash cattle sales. Some light trade was noted in the North at $294 to $295 which is $2.00 to $3.00 higher than last week’s weighted average. Southern live cattle continued to trade at $182 which is steady with last week’s weighted average. But more than anything, it’s extremely positive to see feedlots capitalizing on an opportunity to trade cattle higher and not letting technical or emotional trading disruptions alter their course. June live cattle closed $2.55 higher at $177.80, August live cattle closed $2.67 higher at $176.05 and October live cattle closed $2.05 higher at $179.70. Thursday’s slaughter is estimated at 125,000 head — 7,000 head more than a week ago and 2,000 head more than a year ago.

Boxed beef prices closed mixed: choice up $1.18 ($296.92) and select down $0.76 ($289.66) with a movement of 120 loads (83.56 loads of choice, 14.38 loads of select, 4.19 loads of trim and 18.06 loads of ground beef).

FRIDAY’S CATTLE CALL:

Steady with the week’s trend. Given that sales have now been reported in both regions, prices will likely remain steady where they are.

FEEDER CATTLE:

With Northern cash cattle trade scoring sales $2.00 to $3.00 higher than last week’s weighted average, the feeder cattle complex was elated to trade higher upon such supportive fundamental news. May feeders closed $2.15 higher at $246.25, August feeders closed $2.00 higher at $258.30 and September feeders closed $1.92 higher at $259.42. The spot May contract was again able to close above the market’s 100-day moving average, after falling below that threshold Wednesday afternoon. At Hub City Livestock Auction in Aberdeen, South Dakota compared to last week feeder steers weighing 650 to 749 pounds sold $8.00 to $12.00 higher, steers weighing 750 to 999 pounds sold $2.00 to $6.00 higher. Heifers were lightly tested but those weighing 600 to 649 pounds sold $10.00 to $14.00 higher. Cattle suitable for grass continue to see excellent demand as the opportunity to get these types of cattle bought to fill pastures dwindles each week. The CME feeder cattle index 4/24/2024: up $2.51, $245.15.