Markets: Livestock population stable to weaker in weather trading

Brutal winter weather disrupted livestock markets and significantly limited livestock harvests in western Kansas. Monday's snowstorm forced Tyson Foods to cancel both shifts at its Holcomb plant on Tuesday, while Cargill closed its Dodge City plant due to a power outage.
Photo: Joan Ruskamp

Due to the disruption, the estimated weekly slaughter of cattle was 549,000 head, compared to 660,740 head in the same week a year ago. The total is estimated to have fallen 10.2% year-to-date compared to 2023.

Northern trade was described as moderate at $173 to $175 per hundredweight. live and $273 to $275 per hundredweight. tightened, $1 less than last week. Light trade in the south at $172 per hundredweight. was stable and fell by $1.

Feeder cattle traded mixed with a decline of $6 to a rise of $4. Calves were also sold mixed at prices ranging from $4 lower to $8 higher.

Wholesale beef prices recorded significant increases. Choice Boxed Beef closed Friday at $289.26 per hundredweight, a weekly gain of $12.10 per hundredweight. Select packaged beef closed Friday at $271.85 per hundredweight, a weekly gain of $12.32.

February live cattle futures fell 42 1/2 cents to $171.375, near the session low. This week, February cattle prices rose 80 cents. March feeder cattle futures rose 30 cents to $227.70, near the midrange and hitting a six-week high. This week March feeders rose $3.55.

Not a bad week for bulls in the cattle futures markets. Friday's bullish weekly high in the March feeders sets the stage for further technical buying in this market next Tuesday. Markets will be closed Monday for the Martin Luther King holiday. Next week's focus will also be on winter weather in livestock country. Heavy snow, blizzard conditions and extreme cold across the Midwest this week and in the coming days have reduced the urgency for packers to bid aggressively for cattle later this week, with sales so far in the far northern market having been light on generally steady sales price levels existed. For many feedlots, getting livestock to market next week will be a challenge, and the animals themselves will struggle to gain or maintain weight.