As markets have always done and always will, what they give they sometimes take back. As you’ll recall, the last two weeks have seen the cash market for fed cattle work its way higher on lower numbers.
For the week ending November 10, the market stepped back $1 but on higher volume. Feedyards are still current and with plenty of time between Thanksgiving and Christmas, packers will have ample opportunity to stockpile product. Stay tuned.
Looking at volume, the Five Area formula sales volume totaled 225,917 head, compared with about 231,201 the previous week. The Five Area total cash steer and heifer volume was 92,549 head, compared with about 81,900 head the previous week.
Nationally reported forward contract cattle harvest was about 48,000 head for the week ending November 10, which was 12,000 higher than the week prior. Packers have about 205,000 head for November. The National cash sales this week included 42,384 head of 15- to 30-day delivery along with 11,867 head the previous week and 45,000 head two weeks ago.
Now looking at prices, the weekly weighted average cash steer price for the Five Area region was $113.70 per cwt, compared with $114.95 the previous week, which was $1.25 lower for the week.
The weighted average cash dressed steer price for the Five Area region was $179.16 per cwt, compared with $180.27 the previous week, which was $1.11 lower.
The Five Area weighted average formula price was $183.88 per cwt, compared with $179.75 the previous week, making it $4.13 higher. This is normal, as the formula price lags the c ash market by a week.
The estimated weekly total federally inspected cattle harvest was 640,000 head, compared with 624,000 head the same week last year. The current year-to-date total harvest is 676,000 head higher than last year.
The latest average national steer carcass weight for week ending October 27 was 895 pounds, which was 1 pound higher than the previous week and 6 pounds lighter than the 901 pounds the same week last year.
The Choice-Select spread was $16.48 on Friday compared with $17.03 the previous week and a $19.34 spread last year.