Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
Falling fed cattle prices have led to concerns that highs have been put in for the summer. Last year prices continued to increase through August, but things are sticking to a more normal seasonal pattern this year. The 5 Area negotiated average price for fed steers last week was $248/cwt, $7 lower than the previous week. Early calls were for prices to be lower this week. That is one of the largest decreases in recent months. Wholesale prices came down as well. The Choice beef cutout value averaged $383.39 last week, making it $7.34 lower. The Select cutout value was equal to and sometimes higher than the Choice this spring. Select is $18 lower now, which is closer to typical. Last week’s estimated harvest total was 529,000 head, 71,000 more than Independence Day week and 43,000 fewer than a year ago. A Cattle on Feed report will be released next week. Expectations are for the on-feed number to remain about 2% higher than last year. Part of this increase is still being attributed to a slower pace of marketing cattle and more days spent on feed. Placements are expected to be 2%-3% lower than last June. Next Friday will also see the release of the mid-year Cattle Inventory report.
Fed Cattle
Fed cattle prices were $5-$10 lower this week at Wisconsin and surrounding state auction markets and stockyards. Top quality beef steers and heifers brought $230-$248/cwt. Some high grading, high yielding steers with an overnight stand sold to $250/cwt. Mixed Choice and Select steers and heifers ranged from $218-$230/cwt. High grading Holstein steers were steady to weak, bringing $210-$230/cwt. Lower grading steers brought $180-$210/cwt. Silage fed and under finished steers brought $95-$180/cwt. Dairy Beef cross steers were lower, bringing $210-$245 with some higher. Cows were mostly steady, bringing $110-$160/cwt with some still selling into the $170s. Lower yielding cows brought $60-$120/cwt. Doubtful health and thin cows brought up to $60/cwt. Dairy breed bull calves were steady to higher, selling from $800-$1,800/head. Dairy breed heifer calves brought $200-$800/head. Beef and Beef Cross calves were steady from $800 to $1,900/head. Light and lower quality calves sold up to $60. Fed lambs over 100 pounds brought $200-$250/cwt with light lambs selling from $240-$295/cwt.
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