The cash market for fed cattle continued to search for equilibrium for the week ending Sept. 7. Where or when it will find that low and rebound is, at this point, anybody’s guess.
Looking at volume, the Five Area formula sales totaled 248,108 head, compared with about 269,000 the previous week. The Five Area total cash steer and heifer volume was 71,441 head, compared with about 57,000 head the previous week.
Nationally reported forward contract cattle harvest was about 49,000 head for the week. The packers have 245,000 head committed for September. National cash sales for the week included about 23,174 head of 15- to 30-day delivery and 11,000 head from the previous week.
Now looking at prices, the Five Area weekly weighted average cash steer price for the week was $101.73, $3.86 lower than the previous week.
The weighted average cash dressed steer price was $165.83, $5.69 lower.
The five-area weighted average formula price was $171.68, which was $1.34 lower.
The estimated weekly total federally inspected cattle harvest was 565,000 head, which compares to 571,000 head the same week last year. The year-to-date total is about 264,000 head higher than last year.
The latest average national steer carcass weight for the week ending August 24 was 884 pounds, 3 pounds higher than the previous week and still trailing the 889 pounds the same week last year. Last year’s weight, typical for this time of year, was 3 pounds higher than the prior week.
The Choice-Select spread was $25.37 on Friday, compared with $19.50 the previous week and a $9.47 spread last year.