Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
Cattle and Beef
Beef prices remain in the news with the announcement of increased Argentinian imports still the dominant headline. Beef demand has proven to be incredibly resilient, even while retail prices continue to gain attention. The Choice beef cutout has been recovering from its recent downturn, rising to $378.13 last Friday with additional gains at the beginning of this week. While this is lower than the high of $413 seen during the week of September 5, current prices are still $60 higher than this time last year. Any decline in the cutout value should be short-lived as holiday demand will pick up in the next few weeks. There are concerns consumers may back off beef purchases and choose competing proteins for celebrations, however. The estimated harvest last week of 559,000 head was 14,000 fewer than the previous week and 57,000 fewer than last year. USDA announced it will release a Cattle on Feed report on November 21. The October report would have been a quarterly report and would have included information regarding the number of heifers in feedlots. There has been no information whether the upcoming report will contain that data.
Top Quality
Top quality steers and heifers were steady to lower this week, bringing $218-$236/cwt with a few to $238/cwt. Mixed Choice and Select steers and heifers ranged from $200-$218/cwt. High grading Holstein steers were steady to $1 lower at $193-$217/cwt, with some higher. Lower grading steers brought $170-$193/cwt. Silage fed, under finished, or heavy dairy breed steers brought $90-$170/cwt. Dairy Beef cross steers were steady to weak, bringing $179-$228. Cows were mixed. Most cows brought $120- $145/cwt with a few selling into the high $150s. Lower yielding cows brought $65-120/cwt. Doubtful health and thin cows brought up to $65/cwt. Dairy breed bull calves were lower, selling from $700-$1,200/head with some to $1,400. Dairy breed heifer calves brought $300-$700/head, with some higher. Beef and Beef Cross calves were lower from $700 to $1,550/head. Light and lower quality calves sold up to $60.
