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CME: Initial Slaughter Estimate During W33 Up from Prior Week

14 August 2018

US - Steiner Consulting Group, DLR Division, Inc. provides a recap of last week's beef cattle market.

Initial estimate of weekly slaughter was up from the prior week based on higher Monday volume of both steers/heifers and cows and a big Saturday run. Saturday slaughter is pegged at 52,000 head, up 11,000 from the prior Saturday but 4,000 short of a year ago.

Late week cow kill slipped slightly from the prior week. Negotiated beef trade volume reported by USDA-Agriculture Marketing Service (AMS) ran above a year ago for trim and select product while Choice grade beef volumes trailed a year ago.

Choice product value gained 2-3 cents per cwt. during the week while Select product value was no better than steady. Fresh 90 per cent lean beef trim prices slipped 3-4 cents during the week, extending the trend that has been in place since Memorial Day.

Choice cattle prices drifted lower during the week with good trade developing Thursday, $2 per cwt. lower than the end of the prior week. Spot month futures were $2.50 lower and the October contract was close to $3 lower at a discount to the spot market.

This week’s negotiated live trade through the USDA-AMS 5 Regions was the biggest volume so far this year. The rising trend in both Choice beef trade volume and value during the week should keep packers interested in buying cattle in coming weeks.

Even though the futures market prices end the week lower, the average for the front month was still up from the prior week, a trend that has been intact since mid-July.

Feeder cattle prices were moving higher last week. Oklahoma City 750-800 pound steers were up $4 per cwt. and 500-550 pound steers were up $6 per cwt. Trade volume was up close to 40 per cent in that market from the same week a year ago, indicative of very good demand for cattle. This was the highest price of the year, so far, for the heavier weight steers.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

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