Yearling feeder cattle opened last week steady to lower and finished $3 to $6 per hundredweight lower by week’s end. Steer and heifer calves were weak to $5 lower.

“The sharpest losses on feeder cattle were seen in Oklahoma and Kansas mid-to-late week, following lower CME Feeder Cattle futures and a lower fed cattle trade in the Southern Plains on Wednesday” says USDA Market News reporter Corbitt Wall. “These markets were also pressured by the continued heavier influx of big yearlings off graze-out wheat in the area. Major auction markets from El Reno, Okla., up to Dodge City and Pratt, Kan., sold yearling steers from $3 to $9 lower with a high percentage weighing from 800-1000 pounds.”

Cattle lower, beef higherLast week’s auction receipts totaled 177,100, compared to 193,500 the previous week and 175,000 last year. Direct trade totaled 22,100 with video/Internet at 48,500, for a total of 247,700, compared to 269,400 last year.

The fed cattle market traded $2 lower at $126 per hundredweight in the South and $127 in the North. Dressed sales were $3 to $5 lower at $202 to $204 per hundredweight.

Boxed beef prices traded higher last week, with Choice boxed beef up $3.30 for the week to close Friday at $204.98. Select boxed beef was up $1.07 for the week to close at $191.20. The Choice-Select spread was $13.77.

Slaughter cows sold steady to $2 higher. Slaughter bulls sold mostly steady. USDA’s cutter cow carcass cut-out value Friday was $160.03, down $0.72 from last Friday.

USDA revised estimates of the 2013 corn crop, taking the estimated yield down 5 bushels per acre. Corn production is estimated at 14.14 billion bushels based on a yield estimate of 158 bushels per acre.