The cash market for fed cattle finally stopped falling as packers paid steady money and in some cases, a few dollars higher than last week. Whether the cash market has found its bottom or this is just a temporary thing, only time will tell. But it’s a sure bet that cattle feeders are desperately hoping for the later.
The Five Area formula sales volume totaled 241,420 head, compared with about 221,000 the previous week. The Five Area total cash steer and heifer volume was 108,581 head, compared with about 110,000 head the previous week.
Nationally reported forward contract cattle harvest was about 23,000 head for the week. The nationally reported 15- to 30-day delivery was 13,754 head along with 8,810 head the previous week.
Now looking at prices, the Five Area weekly weighted average cash steer price for week ending July 11 was $95.98 per cwt, which was $1.11 higher compared to the previous week. Last year the same week it was $113.37, which was $2 higher than the week prior. However, the current Five Area weighted average live formula price was $98.03 for the week.
The weighted average cash dressed steer price was $157.66 per cwt, which was $3.82 higher. The Five Area weighted average formula price was $154.98, which was $5.70 lower.
The estimated weekly total federally inspected cattle harvest on Friday, July 10 was reported at 664,000 head but was lowered on Monday to 657,000 head. That compares with 658,000 head the same week last year.
The latest average national steer carcass weight for the week ending June 26 was 896 pounds, which was 6 pounds higher than the previous week and still sky higher than the 854 pounds the same week last year. That weight was steady with the week prior.
The Choice-Select spread ended the week at $10.21 on Friday, July 10, compared with $6.68 the previous week and a $23.20 spread last year.