Cash fed cattle lost steam this week and dropped anywhere from $3-10/cwt. Live cattle in the Southern Plains were called at $120/cwt on low to moderate demand across the region. Live and dressed cattle in Nebraska traded at $120-123/cwt -mostly $121/cwt- and $195/cwt, respectively. Feeders steers in Oklahoma City were steady to $2/cwt lower on a light test and feeder heifers were $2-3/cwt higher. Steer calves were steady to $3/cwt lower, while heifer calves were steady to $2/cwt lower. Feeders in Mississippi auctions were $2-$8/cwt higher and cull cows and bulls were $2-$5/cwt higher.
Live cattle futures were sharply lower this week. Boxed beef slipping late last week resonated with the market and prices took the biggest hit Monday. Feeder cattle were lower as well as the post Thanksgiving surge in the cash markets pulled back and brought futures with it. Corn was lower on the week but was mostly steady through Thursday. On Friday, USDA released their monthly supply and demand report, which revealed a tad more corn to carry-over than was projected last month. The biggest shock from the report was the projection of 35 million more bushels of soybeans due to lower crushings and exports. No huge changes were made to beef projections so there will be no devoted write up on the report this month, but tables recapping the report are below.
Wholesale beef prices were much lower this week following a pull back that started late last week. The Choice price took a big hit Thursday and ended the week at $188.57/cwt, down $5.35 from last week. Select continued to drift lower and ended at $172.18/cwt, down $3.23, which narrowed the spread slightly to $16.39.