Weekly Feedlot – finished cattle trade recap for week ending July 09
The finished cattle trade was lower with limited sales as sellers passed bids during the fourth of July holiday shortened week.
The weekly weighted average cash steer price for the five area which includes TX, NE, CO, KS and IA feeding areas was 2.48 lower at 120.02 and compared to 122.50 the previous week.
The cash dressed steer price was 190.80 compared to 195.53 the previous week which was 4.73 lower.
The five area total cash steer and heifer volume was 70,947 head compared to 130,000 the previous week down 59,000 head.
Five area formula sales totaled 157,583 head compared to 195,000 the previous week. The five area average formula price was 191.17 compared to 192.63 the previous week which was 1.46 lower.
Nationally reported forward contracted cattle harvested was 25,000 head compared to 67,000 head the previous week. Packers have 112,000 head of Forward contracts available for Jul but 194,000 for Aug and 213 thousand head for both Sep and Oct.
The latest avg National steer carcass weight for week ending Jun 25 was 3 lower at 864 lbs compared to 872 lbs last year. We’re still 8 wks in a row lower than last yr.
Choice-Select spread was 13.00 on Friday about 2 dollars lower than the previous wk but that compared to 2-4 spread last yr during Jul. We are in the dog days of summer which is the time when we switch to sausage and hamburgers for grilling which helps to put pressure on and narrow the Ch-Sel spread. But we are still running quite a bit higher than last year.
The national steer and heifer grading report for WE jun 24 was 74.60% Ch and Prime compared to 74.64% last year, which was exactly the same as last year with a bigger FIS harvest numbers. But still have a much higher Choice Select spread which points to the fact that we have good demand for Choice Rib and Loin steaks even though it has fallen off quite a bit which is a normal seasonal decline.