Cattle Market Notes: Week Ending May 27, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of May 19-May 26 averaged $124.81 for live sales, and $196.76 for dressed; respectively, down $6.33 and $7.27. Total volume sold was down 1,000 head from a week ago and up 61,000 head from last year.

Feeder steer cattle and calves were lower across the U.S. this week. Oklahoma City feeder cattle were $16.00 lower for lightweights and $10.00 lower for heavier cattle. Mississippi pasture conditions are relatively good this spring with 71% rated good or excellent, down 1% from a week ago.  In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were $10.00 lower than a week ago, averaging $155.00, while heavy steers were averaging $122.50, down $7.50 from last week.

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Futures:

Live cattle futures and feeder futures were down this week. June live cattle were down $1.18 on the week and $32.62 lower than a year ago at $119.70, while August live cattle were down $0.88 from last week and down $34.87 from a year ago. Feeder cattle mostly higher this week with August futures down $1.38 from last Friday and down $76.48 from a year ago at $146.48 while October futures are down $0.80 on the week. Nearby corn futures are up $0.19 from a week ago at $4.13 while September futures are up $0.18.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $223.19, down $2.53 from a week ago and $35.92 lower than a year ago. Select boxes ended the week with an average of $204.78, down $5.60 from last week. The choice-select spread widened from $15.34 a week ago to $18.41 this week.

Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.