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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
Cattle prices were higher last week by as much as $4-$5 in some instances. This comes at a time when wholesale beef prices are lower. The Choice beef cutout value was $2.44 lower last week, averaging $392.28, and the weakness has carried over into this week. Grilling season is approaching and there are some concerns that higher gas prices and uncertainty regarding the economy could temper demand. So far, Americans’ appetite for beef has been resilient. Production at the JBS packing plant in Greeley, Colorado resumed this week as employees there agreed to return to work while negotiations continue. Harvest was estimated at 533,000 last week, 10,000 more than the pervious week but 53,000 fewer than last year. While there hasn’t been an official statement, there have been reports the border with Mexico may reopen with a limited, phased-in approach. Beef exports continue to trend lower, although sales of variety meat during January and February increased by 9% from last year to 51,592 metric tons. February beef exports totaled 85,066 metric tons, down 13% year-over-year, while value fell 10% to $722.7 million. Much of this gap was due to China’s lockout of U.S. beef, though February shipments were also below last year to Korea, Japan, and Canada. Beef export value equated to $422.87 per head of fed cattle harvested in February, 2% lower than a year ago but the highest in 11 months.
Top Quality
Fed cattle were steady to $1 higher. Top quality beef steers and heifers brought $225-$246/cwt. Mixed Choice and Select steers and heifers ranged from $212-225/cwt. High grading Holstein steers were steady to $2 higher 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 $2 higher at $193-$238. Cows were lower. Most cows brought $110-$151/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 steady, 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 $2,100/head. Light and lower quality calves sold up to $60.
