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
There were no surprises in last week’s Cattle on Feed report, and the information is unlikely to move the market. On-feed numbers were 0.5% less than on April 1 last year. Placements were 7% lower, making it the second lowest March number on record, only lower than 2020 when COVID-19 impacted the market. Heifers made up 37.3% of all cattle in feedlots. While it is just 0.4% less than last April, it is the lowest since 2018. This is not enough to indicate widespread heifer retention, but analysts will continue to watch the number in future quarterly reports. Marketings totaled 1.63 million head, also the second lowest, just 1,000 head more than 2015. Fed cattle futures have been working lower with cash prices were mostly steady to weak. Estimates showed another week of low beef production. USDA says 514,000 head were harvested last week, 2,000 more than the previous week but 64,000 fewer than last year. The lower harvest pace may be underpinning wholesale beef prices, but the Choice cutout value continues to drift lower, averaging $381.95 last week making it 54 cents lower.
Top Quality
Fed cattle were mostly steady to weak. Top quality beef steers and heifers brought $228-$248/cwt, with tops of $252/cwt. Mixed Choice and Select steers and heifers ranged from $215-228/cwt. High grading Holstein steers were fully steady at $196-$225/cwt. Lower grading steers brought $172-$196/cwt. Silage fed and under finished steers brought $92-$172/cwt. Dairy Beef cross steers were steady to weaker at $195-$240. Cows were mostly steady from $110-$150/cwt with a few selling into the low $160s. Lower yielding cows brought $65-$110/cwt. Doubtful health and thin cows brought up to $65/cwt. Dairy breed bull calves were higher, selling from $800-$1,800/head, with some higher. Dairy breed heifer calves brought $200-$800/head. Beef and Beef Cross calves sold strong from $800 to $2,100/head. Light and lower quality calves sold up to $60.
