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
Last week’s USDA Cattle on Feed report indicated inventory in feedlots totaled 11.5 million head, down only slightly from March 1 last year. Placements for February, at 1.61 million head, were 4% higher than a year ago but 134,000 below the five-year average. Energy prices and a slower harvest pace are affecting the market more than the report numbers. Marketings in February were the second lowest on record, totaling 1.52 million head. Last week’s estimated federally inspected harvest of 508,000 head was the lowest since the first week of the year, which was a holiday shortened week. The total was 17,000 fewer than the previous week and 50,000 less than last year. This is the lowest weekly non-holiday total since the COVID-19 impacted production in 2020. There are reports that packers are seeking cattle with a goal of harvesting about 525,000 head this week. Asking prices in the country are $237/cwt, $2-$3 higher than last week with no bids developing through midweek. Showlist numbers are lower than during the past two weeks. Wholesale beef prices were higher last week, with the Choice cutout value averaging $401.6, making it another $6.09 higher. The cutout reversed course this week, however, falling to $391.69 Wednesday. The Select cutout was $395.49 on Wednesday.
Top Quality
Fed cattle were mostly steady to weaker this week. Top quality beef steers and heifers brought $223-$240/cwt with tops of $243 reported. Mixed Choice and Select steers and heifers ranged from $210-223/cwt. High grading Holstein steers were steady to higher at $195-$220/cwt. Lower grading steers brought $170-$194/cwt. Silage fed and under finished steers brought $90-$170/cwt. Dairy Beef cross steers were mostly steady, bringing $190-$232. Cows were mostly higher. Most cows brought $124-$154/cwt with a few selling into the high $160s. Lower yielding cows brought $68-$124/cwt. Doubtful health and thin cows brought up to $68/cwt. Dairy breed bull calves were higher, selling from $700-$1,600/head with some higher. Dairy breed heifer calves brought $200-$800/head. Beef and Beef Cross calves were higher from $800 to $1,900/head. Light and lower quality calves sold up to $60.
