Beef cattle
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Beef cattle
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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
After seven weeks of gains, Live Cattle futures closed lower last week. They were sharply lower this Tuesday before recovering mid-week. Negotiated cash trade was mixed with higher bids in the south bringing them in line with the north. The Choice beef cutout value averaged $413.94 last week and has been lower every day this week. Lower cash and wholesale prices are expected as seasonal patterns have been holding so far this year. Although lower, cattle prices are still about $60/cwt higher than this time last year. Last week’s holiday-shortened harvest was estimated at 487,000 head, making it 78,000 fewer than the previous week and 61,000 head fewer than Labor Day week last year.
Last year packers made up for Labor Day by harvesting 41,800 head the following Saturday. Most packers were dark this past weekend. Beef exports were 18.6% lower in July compared to last year, making it the lowest total in five years. Exports to China have largely stopped due to China’s failure to renew registrations for a majority of U.S. beef plants and cold storage facilities. China has also suspended 11 U.S. beef facilities since June. Shipments to South Korea climbed 13% from a year ago. July beef exports equated to $368.09 per head of fed cattle harvested, down 12% from a year ago. Global beef production was 1% lower during the first half of this year according to a report by RaboResearch. The most notable drops were a 17% decline in New Zealand with production in both Europe and the United States 5% lower year over year.
Top Quality
Top quality steers and heifers were steady to $2 lower, bringing $222-$246/cwt with some to $248/cwt. Choice steers and heifers ranged from $208-$221/cwt. High grading Holstein steers steady and brought $194-$222/cwt with some higher. Lower grading steers brought $170-$193/cwt. Silage fed, under finished or heavy dairy breed steers brought $92-$170/cwt. Dairy Beef cross steers were steady to lower, bringing $178-$235. Cows were mixed. Most cows brought $107-$148/1cwt with some to the low $150s. Lower yielding cows brought $65-118/cwt. Doubtful health and thin cows brought up to $65/cwt. Dairy breed bull calves were higher, selling from $700-$1,020/head. Dairy breed heifer calves brought $300-$700/head with some higher. Beef and Beef Cross calves were steady selling from $700 to $1,650/head. Light and lower quality calves sold up to $60.
