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.
Cash cattle were $3/cwt lower last week with harvest continuing at a slow pace. Last week’s harvest estimate of 591,000 head was 2,000 head less than the previous week and 12,000 less than last year. Harvest totals this week will likely be even lower. A fire at the JBS plant in Greeley, Colorado early Monday morning halted production there, but it was reported the facility was running that afternoon and operating normally Tuesday.
The Choice beef cutout value was steady last week, averaging $314.48 and gaining 36 cents. Cattle contracts at the Chicago Mercantile Exchange continue to be volatile. Feeder Cattle futures have been especially hard hit, with the September contract losing almost $18 in the past two weeks, even though corn prices have continued to decrease. Beef exports totaled 110,155 metric tons in June, down 4% from a year ago but the second largest of 2024. Export value reached $938.3 million, up 3% year-over-year and the highest since August 2022.
Through the first half of the year, beef export value climbed 5% from a year ago to $5.22 billion, despite a 4% decline in volume. Beef export value equated to $459.21 per head of fed cattle harvested in June, up 13% from a year ago. The January through June average was $418.37 per head, up 6% from the first half of 2023. Exports accounted for 15% of total June beef production and 12.8% for muscle cuts only. The latest weekly export sales report showed net sales of 28,100 metric tons, a marketing-year high. Export sales were up 99% more from the prior four-week average.
High Choice and Prime Beef
High Choice and Prime beef breed steers were steady to $2-$3 lower, bringing $182-$190/cwt with some packages reported to $198/cwt. Choice steers and heifers ranged from $169-$182/cwt with mixed grading and those likely to grade Select bringing $150-$168/cwt. Holstein steers were mostly $1-$2 lower. High grading steers brought $165-$176/cwt with some fancy steers to $178/cwt. Lower grading steers brought $130-$165. Silage fed, under finished, or heavy dairy breed steers brought $75 to $130/cwt. Dairy x Beef steers were $1-$2 lower, bringing $140-$188/cwt. Cows were mixed. Most of the cows brought $114-$130/cwt with some to the low $140s/cwt. Lower yielding cows brought $75-$114 with doubtful health and thin cows bringing up to $75/cwt. Dairy breed bull calves were steady from $200-$400/head with some heavier, well-managed calves selling to $700, with some to $750/head. Beef and Beef Cross calves were steady to higher, selling to $910/head with a few to $1,000/head.
