Cattle Market Notes Week Ending May 12, 2017

Cattle Quick Thoughts

The Trump administration announced Thursday that China will allow imports of U.S. beef under certain conditions by no later than July 16, 2017. The announcement was part of the “Initial Results of the 100-Day Action Plan of the U.S. – China Comprehensive Economic Dialogue” released by the White House. This 10-point plan also includes an agreement for the U.S. to accept cooked poultry from China along with Initial Actions for financial services, investment, and energy. I discuss this announcement and what it tells us in a separate ( and longer) blog post that can be accessed by clicking HERE.

Cash Cattle:

The fed cash market was lower this week. Fed steers were down $6.83 to an average of $137.86 for live sales. Dressed steers were down $9.33 to an average of $220.53.

Feeder cash prices were mixed to mostly unchanged this week in Mississippi. Mississippi feeder steers weighing 450-500 pounds were up $1 this week to average $162.50 while 750-800 pound steers were down $2 to $135. Average feeder prices in Oklahoma City were up significantly on Monday and Tuesday.  500-550 pound steers were up $10.69 to $177.47 while OKC 750-800 pound steers were up $12.38 from last week to $148.26.

[ … For more in depth Livestock Prices and Production data and trends CLICK HERE… ]

Futures:

June live cattle were down $2.68 to $125.63 while August live cattle were up $1.03 to $122.20. May feeder cattle were 80 cents to $144.58 while August feeder futures were down $1.60 on the week to $151.83. Corn futures prices were mostly unchanged this week with May down a penny to $3.62 and July even $3.71.

Beef:                                                                                          

Wholesale boxed beef prices continued to climb this week as we approach Memorial day weekend, a prime grilling time. Choice boxes averaged $244.55, up $12 from a week ago. Select boxes averaged $224.54, up $9.73 from last week. The choice-select spread was $20.01, up $2.27 from last week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel unless stated otherwise.

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