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Fed Cattle Recap | Market holds on as summer seasonal patterns loom

Article-Fed Cattle Recap | Market holds on as summer seasonal patterns loom

Fed Cattle Recap
The cash market for fed cattle was close to steady and while volume dropped considerably as packers used large numbers of forward contracts.

What’s the outlook for summer fed cattle prices now that Father’s Day is behind us? Feedyards are current but packers still have plenty of leverage and seasonal factors appear to be at work. Stay tuned as the fed cattle market progresses through its summer lows and we get closer to the fall run.

The Five Area formula sales volume for the week ending June 15 totaled 250,255 head, compared with about 262,375 the previous week. The Five Area total cash steer and heifer volume was 51,424 head, compared with about 90,910 head the previous week. 

Nationally reported forward contract cattle harvest was about 69,000 head this week, up quite a bit compared to 40,000 head the previous week. The packers have 253,000 head for June. National cash sales this week included 13,243 head of 15- to 30-day delivery and had 18,452 head previous week.

Now looking at prices, the Five Area weekly weighted average cash steer price for the week ending June 15 was $113.62 per cwt, which was only 14 cents lower for the week.  

The weighted average cash dressed steer price was $184.48, which was 27 cents higher.

The Five Area weighted average formula price was $185.15, which was 61 cents lower.

The June 14 estimated weekly total federally inspected cattle harvest was 665,000 head and that compares with 648,000 head the same week last year. 

The latest average national steer carcass weight for the week ending June 1 was 842 pounds, which was exactly the same as the previous week. That compares with 851 pounds the same week last year, which was a 3-pound jump from the week prior a year ago.   

The Choice-Select spread was $19.47 on Friday, compared to $15.39 the previous week and an $18.86 spread last year.  



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