The feedlot cattle trade dropped quite a bit again for the week ending June 24. The weekly weighted average cash steer price for the Five Area region, which includes the major feeding areas of Texas, Kansas, Nebraska, Colorado and Iowa, $121.50 per cwt, compared with $130.12 the previous week, for a $8.62 slide to the downside.
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The Five Area weighted average cash dressed steer price was $193.80 per cwt, compared with $205.94 the previous week, about $12.14 lower.
The Five Area total cash steer and heifer volume was 84,100 head, compared with about 81,006 the previous week.
The Five Area average formula price was $217.42, compared with $220.53 the previous week, for a drop of $3.11. Five Area formula sales totaled 198,367 head, compared with about 186,000 the previous week.
Nationally reported forward contracted cattle harvest was about 64,000 head, down from 78,000 the previous week. Packers have more than 302,000 head of forward contracts available for June and 136,000 for July.
The latest average national steer carcass weight for week ending June 10 was steady at 847 pounds, compared with 864 pounds last year.
The Choice-Select spread was $23.03 on Friday, compared with $30.04 the previous week, still significantly higher than the $16.03 spread last year. The daily Choice rib primal traded at $438 on Monday, June 12, and dropped to $404 by Friday with the Choice loin following a similar path, so we’re starting to narrow the Choice-Select spread.
Estimated total federally inspected cattle harvest was 632,000 head, compared with 608,000 the same week last year, which is 24,000 head over last year. The estimated year-to-date total is 809,000 head over last year.