Fed Cattle Market
Last Friday’s Cattle on Feed report told us fed cattle supplies will remain steady through the first quarter of next year. Inventory of cattle in feedlots on November 1 was 12 million head, making it 100.3% of last year’s total. Placements in feedlots during October were 5% higher than a year ago. The placement number was larger than pre-report estimates. Beef production continues to exceed expectations. October 2024 beef production totaled 2.47 billion pounds, 5.4% higher than last year. Year-to-date beef production is 0.3% higher than 2023. Harvest in October totaled 2.86 million head, 1% more than last year. The average live weight of cattle harvested in October was 1,418 pounds and that is 44 pounds heavier than the same month last year. Beef cow harvest was 21% lower than last year. As expected, packers ramped up production last week. The weekly harvest estimate of 631,000 head was 25,000 greater on the week and 97,000 more than a year ago. This week last year included the Thanksgiving holiday. Wholesale prices have been pressured although demand for high-end cuts tends to increase toward the end of a year. The Choice beef cutout value was $1.22 higher last week, averaging $307.33, but was rebounding early this week. USDA announced it is pausing the imports of cattle from Mexico after the chief veterinary officer there notified them on November 22 that New World screwworm (NWS) was found in cattle near an inspection checkpoint close to the border with Guatemala. Fed cattle were steady to $1 higher with runs at auction markets lighter ahead of the holiday.
High Choice and Prime Beef
High Choice and Prime beef breed steers brought $180-$188/cwt with some packages to $189/cwt and up. Choice steers and heifers ranged from $165-$180/cwt. Holstein steers were higher. High grading steers brought $162-$173 with some to $175/cwt. Lower grading steers brought $130-$162. Silage-fed, under-finished or heavy dairy breed steers brought $75-$130/cwt. Dairy x Beef steers were higher, bringing $138-$180 with a few to $185/cwt. Cows were lower. Most of the cows brought $80-$105/cwt with some to the low $120s/cwt. Lower yielding cows brought $65-$80. Doubtful health and thin cows brought up to $65/cwt. Dairy breed bull calves were steady, selling from $200-$400/head with some heavier, well-managed calves selling to $725/head. Dairy breed heifer calves were higher, bringing $200-500/head with some selling higher. Beef and Beef Cross calves were mixed, selling to $1,025/head. Light and lower quality calves sold up to $15.
