Compared to last week, feeder cattle and calf markets were not fully tested due to limited marketing during the Thanksgiving Holiday week. Several major auctions held specials on Monday and Tuesday this week with calves trading mostly steady to 10.00 higher with some instances 15.00 higher on light weight calves under 500 lbs. Yearlings sold steady to 4.00 higher on a light test. Direct trade on a light test was steady to firm with instances 3.00 higher. Demand was high at Green City, MO on Tuesday for their annual Thanksgiving Yearling Special with over 3800 head of top quality yearlings on offer.
Although prices have been disappointing this fall for the entire beef complex buyers stepped up at the Green City Livestock Auction pushing prices beyond expectations as near 200 head of 700-750 lbs steers averaging 732 lbs sold for a weighted average price of 191.84; 370 head of 800-850 lbs steers averaging 820 lbs sold for a weighted average price of 186.25; 210 head of 900-950 lbs averaging 914 lbs sold with a weighted average price of 180.11 and a pot load of fancy yearling steers weighing 903 lbs dropped the gavel at 189.50. The sellers of these cattle will now have a couple of days to payoff notes then roll the dice and reload for Friday’s annual special calf sale in Green City.
At the Oklahoma National Stockyards on Monday sold over 4600 head with steer calves trading 6.00-8.00 higher and heifer calves selling 10.00-20.00 higher. The cattle complex this week shifted between follow through buying on Monday with sharp gains only to sell-off on Tuesday with sharp losses with pre-holiday positioning. But, a quiet Wednesday trading in the cattle futures closed with slight to modest gains ahead of Thanksgiving Holiday made for a welcome day of trading instead of the volatility that has persisted. Volatility continues which makes it very difficult for cattlemen to put any type of reasoning to trade in the cattle futures.
On Monday the USDA’s Cold Storage Report was released showing volumes above year ago totals. Total red meat supplies in freezers were down 3 percent from the previous month but up 21 percent from last year at 1.161 billion lbs. Total red meat supplies are a record high for the month of October. Total beef stocks in freezers were near 512 million lbs up 3 percent from last month and up 34 percent from last year. Frozen pork supplies were near 602.7 million lbs which was down 8.1 percent from last month but up 13 percent from last year. Pork in cold storage did see significant declines which is typical for this time of the year. Chicken in cold storage was 30 percent higher than year ago totals due to production increases and heavier bird weights. Turkey production was 9 percent lower than last year due to losses from Avian bird flu.
Choice Boxed-beef values continue to tread water this week trading mixed but closing on Friday .31 cents higher at 204.40. Auction volume included 46 percent weighing over 600 lbs and 38 percent heifers. All of us here at the Federal/State Market News Service wish all of you a happy and grateful Thanksgiving filled with fellowship and gratitude for all the blessings that have been bestowed upon us.