Cattle Market Notes: Week Ending September 2, 2016

Cash Cattle:

Cash traded fed cattle were lower this week. The five-area fed steer price for the week of August 25-September 2 averaged $109.92 for live sales, and $174.03 for dressed; respectively, down $4.89 and $6.35. Total volume sold was up 4,000 head from a week ago and up 48,000 head from last year.

Feeder steer cattle and calves were mostly lower across the U.S. this week. Oklahoma City 500-550 pound steers were $7.00 lower while heavier 750-800 pound steers were $2.00 lower. Mississippi pasture conditions were steady this week with 63% rated good or excellent, unchanged from a week ago.  In Mississippi auctions, lighter weight feeders weighing 450-500 pounds were averaging $137.00, down $13.00 from a week ago, while heavy steers were averaging $116.50, down $4.00 from last week.

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Futures:

Live cattle futures and feeder futures were lower this week. October live cattle were down $4.68 on the week and $39.00 lower than a year ago at $101.53, while December live cattle were down $4.72 from last week and down $39.50 from a year ago at $103.38. Feeder cattle were lower this week with September futures down $5.10 from last Friday and down $66.15 from a year ago at $135.00 while October futures are down $3.78 on the week at $132.33. December corn futures are up $0.03 from a week ago at $3.28 while March futures are up $0.04.

Beef:                                                                                           

Wholesale boxed beef prices are lower compared to a week ago. Choice boxes averaged $195.67, down $4.67 from a week ago. Select boxes ended the week with an average of $189.76, down $4.04 from last week. The choice-select spread narrowed from $6.54 a week ago to $5.91 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.