Cattle Outlook: On Feed, Marketing, Placement Figures All Down For March
US - There were 0.6 per cent fewer cattle overall, marketings were 3.7 per cent lower and placements were down 4.7 per cent say Ron Plain and Scott Brown in their summary of the US Department of Agriculture's Cattle on Feed Report.
28 April 2014
2 minute read
Ron Plain
March placements were down for each weight category except the under 600 pound group which was up 3.7 per cent, according to the University of Missouri Professors.
The pre-release trade estimate was for March placements to be up 1.6 per cent , marketings down 3.5 per cent and the April 1 on feed number to be up 0.4 per cent . Since marketings were close to the average of trade predictions while placements were lower, this report is probably slightly positive for the futures market.
The last time the cattle on feed number was above the year-ago level was August 2012.
USDA says there were 404.754 million pounds of beef in cold storage at the end of March. That was 1.2 per cent less than the month before, 20.8 per cent less than a year ago and the lowest for any month since September 2010.
Fed cattle sales volume was so light this week that USDA did not issue their normal 5 area weekly average price quotes.
Boxed beef prices were higher again this week. This morning the boxed beef cutout value for choice carcasses was $233.07/cwt, up $6.97 from the previous Friday. The select carcass cutout is $222.07/cwt, up $6.99 from last week.
This week's cattle slaughter totaled 585,000 head, up 3.0 per cent from the previous week, but down 6.4 per cent from the corresponding week last year.
The average steer dressed weight for the week ending on April 12 was 850 pounds, down 1 pound from the week before and down 1 pound from a year earlier.
Feeder cattle prices at this week's Oklahoma City auction were mostly steady to $2 higher. This week's prices for medium and large frame #1 steers by weight were: 450-500# $239, 500-550# $214-$224.50, 550-600# $209-$224.50, 600-650# $182-$213, 650-700# $183-$199, 700-750# $181.50-$191.50, 750-800# $173.50-$184.75, 800-900# $160.25-$172, and 900-1000# $154.25-$162.75/cwt.
Cattle futures were higher this week. The April live cattle futures contract closed at $145.00/cwt today, up 80 cents from last week's close. June fed cattle settled at $136.77, up $2.40 for the week. August settled at $135.60/cwt, up $2.78 from the previous Friday. October cattle closed at $139.67/cwt.
Feeder cattle futures also were higher for the week. The May feeder cattle contract ended the week at $180/cwt, up $1.95 for the week. August feeders closed at $184.62/cwt, up $3.22 from the previous week. The September feeder cattle contract ended the week at $185.12/cwt.
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