Cash Cattle:
Cash traded fed cattle were mixed this week. The five-area fed steer price for the week of May 26-June 2 averaged $122.82 for live sales, and $201.32 for dressed; respectively, down $1.99 and up $4.56. Total volume sold was down 66,000 head from a week ago and down 30,000 head from last year, but much of that is driven by one less slaughter day this week.
Feeder steer cattle and calves were steady to slightly lower across the U.S. this week. Oklahoma City did not have a sale this week due to Memorial Day. Dry weather is starting to take a toll on Mississippi pasture conditions 64% rated good or excellent, down 7% from a week ago. In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were unchanged from a week ago, averaging $155.00, while heavy steers were averaging $126.50, up $4.00 from last week.
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Futures:
Live cattle futures and feeder futures were higher this week. June live cattle were up $2.35 on the week and $30.77 lower than a year ago at $122.05, while August live cattle were up $1.50 from last week and down $32.67 from a year ago. Feeder cattle mostly higher this week with August futures up $0.28 from last Friday and down $75.15 from a year ago at $146.75 while October futures are up $0.53 on the week. Nearby corn futures are up $0.06 from a week ago at $4.19 while September futures are also up $0.06.
Beef:
Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $222.40, down $0.79 from a week ago and $27.26 lower than a year ago. Select boxes ended the week with an average of $200.58, down $4.20 from last week. The choice-select spread widened from $18.41 a week ago to $21.82 this week, which marks the widest spread since 2003.
Note: all cattle and beef prices are quoted in dollars per hundredweight and corn prices are quoted in dollars per bushel, unless stated otherwise.
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