Cattle Steady to Softer, COF Down 1%
Cash fed cattle traded in the South at $123 to $124 this week, steady compared to the prior week. Cattle in the North traded at $123 to $124 live and mostly $197 dressed, steady to $2 lower. Supplies of market-ready cattle in the North have increased enough to close the regional price spread.
Cattle slaughter was estimated at 641,000 head compared to 654,502 last year. Total year-to-date slaughter is 3.5% higher.
Friday’s Choice boxed beef closed at $303.32 per cwt., down $11.15 per cwt. from last Friday. Select closed at $274.53 per cwt., down $5.22 for the week.
December live cattle fell 47.5 cents to $128.15 per hundredweight, up 0.5% from $127.525 at the end of last week. November feeder cattle rose 47.5 cents to $158.575, up 1.4% for the week.
September 1 cattle on feed totaled 11.2 million, 1% below last year, according to USDA. This is the second highest September 1 inventory since the series began in 1996.
Feedyard placements totaled 2.1 million head during August, 2% higher than last year. Net placements were 2.05 million head.
During August, placements of cattle and calves weighing less than 600 pounds were 405,000 head, 600-699 pounds were 310,000 head, 700-799 pounds were 480,000 head, 800-899 pounds were 534,000 head, 900-999 pounds were 275,000 head, and 1,000 pounds and greater were 100,000 head.
Marketings of fed cattle during August totaled 1.89 million head, slightly below 2020.
