The following report was prepared and written by Jeff Swenson, DATCP’s livestock and meat specialist. This report draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA reports.
Some country trade was reported in Iowa and Nebraska early this week at steady money. Fed cattle at Wisconsin and surrounding state auction markets were also called mostly steady. Bids in the southern plains were mostly $1 lower.
Harvest was lower again, with last week’s estimate at 603,000 head. That’s 10,000 less than the previous week and 42,000 below the same week last year.
While wholesale beef prices were lower again last week, the slower harvest pace has helped the Choice beef cutout value to increase.
Last week’s average price was $302.41. The Choice cutout was $308.99 on Wednesday of this week. The average retail price of beef during July was $8.31/pound, .17 cents higher than June and 9.1% higher than a year ago.
Futures on the Chicago Mercantile Exchange were quiet this week in anticipation of Friday’s Cattle on Feed Report. The average trade estimate for the number of cattle placed in feedlots during July is 94.5% when compared to 2022. The total on feed number average estimate is 98.4% of the August 1, 2022 total.
Beef exports aren’t keeping up with last year’s record pace. The June total was 12% below last year. Export value was down 13%, although 4% higher than May and the highest since October. Beef export value equated to $407.12 per head in June, down 9% from a year ago. The first-half average was $394.39, down 17%. Exports accounted for 14.3% of total June beef production, down from 15.5% a year ago.
Beef breed fed cattle were mostly steady at Wisconsin and surrounding state auction markets, bringing $150 to $180/cwt.
High Choice and Prime steers and heifers brought $180 to $191/cwt. The Holstein steer market was mostly steady from $126 to $165/cwt, with a few higher. Silage fed, under finished, or heavy dairy breed steers brought $75 to $125/cwt. Dairy x Beef steers were bringing $126 to $172.
Cows were lower. A bulk of the cows brought $70 to $101/cwt with fleshier dairy and beef cows selling to $120/cwt. and a few above. Doubtful health and thin cows were bringing $75/cwt and down.
Dairy breed bull calves were lower bringing $100 to $250/cwt with some heavier, well-managed calves selling to $320. Beef and Beef Cross calves were steady, selling to $650/cwt.
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