Cattle Quick Thoughts
The cattle on feed report showed a 4 percent increase in the number of cattle on feed on July 1 over last year. It also reported a 16 percent increase in placements and a 4 percent increase in marketings in June of 2017 as compared to June of 2016. This is much larger than expected and cattle futures prices have opened significantly lower today in response to this report and the cattle inventory report. To continue reading this article click HERE…
Cash traded fed cattle prices were mostly steady last week. Live cattle were down 15 cents to an average of $119.33 while dressed steers were down 34 cents to an average of $189.74.
Feeder cash prices were higher last week in Mississippi. Mississippi feeder steers weighing 450-500 pounds were up $1 to an average of $153.50 while 750-800 pound steers were up $1.50 to $130.50. Average feeder prices last week in Oklahoma City were at $171.87 for 500-550 pound steers and up $3.02 to $153.24 for 750-800 pound steers.
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Futures prices were lower at the end of the week. August live cattle were down $1.63 to $116.43 while October live cattle were down $1.43 to $117.40. August feeder cattle were down $1.85 to $152.95 while September feeder futures were down $1.50 on the week to $153.15. Corn futures prices were lower with September and July down a nickel to $3.72 and $3.85, respectively.
Boxed beef values fell further last week. Choice boxes averaged $207.88, down $5.05 from a week ago. Select boxes averaged $195.39, down $3.53 from last week. The choice-select spread shrunk to $12.49, down $1.52 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.