Fundamentals in the cash market for fed cattle appear to be working, although packers still have plenty of leverage. Feedyards are current and cattle are moving through the system. Warmer weather is beginning to show up, although the 90-day forecast is for cooler temperatures and higher precipitation for much of the Great Plains.
The Five Area formula sales volume totaled 262,375 head for the week ending June 8, compared with about 226,545 the previous week. The Five Area total cash steer and heifer volume was 90,910 head, compared with about 85,667 head the previous week.
Nationally reported forward contract cattle harvest was about 40,000 head this week. The packers have 253,000 head for June. National cash sales this week included 18,452 head of 15- to 30-day delivery and 16,900 head the previous week.
Now looking at prices, the Five Area weekly weighted average cash steer price for the week ending June 8 was $113.76 per cwt, which was only $1.98 lower for the week.
The weighted average cash dressed steer price was $184.21, which was $1.87 lower.
The Five Area weighted average formula price was $185.76, which was $1.15 lower.
The June 7 estimated weekly total federally inspected cattle harvest was 662,000 head and that compares with 661,000 head the same week last year.
The latest average National steer carcass weight for the week ending May 25 was 842 pounds, 7 pounds lower than the previous week and 6 pounds down compared to 848 pounds the same week last year.
The Choice-Select spread was $15.39 on Friday, compared with $15.52 the previous week and a $23.03 spread last year.