By Scout Nelson
Cattle feeders gained clout during the week, despite a summer slowdown in meat demand. They resisted packers, buoyed by increasing futures. Live cattle futures increased by several dollars; the August contract closed at $188.90, up $4.63, and the October contract gained roughly $3, closing at $188.60.
Cash trade through Thursday was about 11,000 head. Live steers sold from $187 to $196, and dressed steers averaged $308. A modest futures rally was all the encouragement feeders needed to wait packers out.
Cash trade for the week ending July 21 totaled 71,749 head. Live steers averaged $193.95, and dressed steers averaged $310.21.
Slaughter through Thursday totaled about 480,000 head. Total slaughter for a week earlier is projected at 584,000 head. Actual slaughter for the week ending July 13 totaled 604,573 head. The average steer dress weight was 915 lbs.
“This week’s slaughter, estimated at 600,000 head, is not expected to make up for the cuts.
Boxed beef prices dropped several dollars lower. The Choice cutout lost about $6 to close at $312.46, and the Select cutout lost about $3 to close at $295.11.
Feeder cattle futures sold mostly steadily over the week. The August contract gained 7 cents to close at $258.62, and the September contract lost $1.56 to close at $257.90.
Corn futures saw some modest gains, with the September contract up 8 cents to $4.06 and the December contract up 9 cents to $4.20.
Photo Credit: gettyimages-artistgndphotography
Categories: South Dakota, Business, Crops, Corn, Livestock, Beef Cattle