Cattle Market Update: Week Ending January 7, 2017

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Posted by Brian Williams for Josh Maples

First off, let me introduce myself. My name is Josh Maples, a new Assistant Professor & Livestock Extension Economist in the Agricultural Economics Department at MSU. I will be focusing on Livestock economics which will allow Brian Williams to spend more of his time on crops. I grew up on a cattle farm in Elkmont, AL and graduated from MSU. I just completed a PhD in Agricultural Economics at Oklahoma State University in December 2016 where I focused on Livestock production and marketing.

We are always looking for ways to be more helpful to producers. As I get started here at MSU, I’ll be looking for ways to improve and add to the information that you need. If there is anything that you would like to see from a livestock marketing or production standpoint, please let me know at josh.maples@msstate.edu. I look forward to meeting many of you in the coming months and working with you to make sure we at MSU are providing you with the information you need.

Now, on to this week’s cattle market update…

Cash Cattle:

Cash traded fed cattle started the new year on an upswing with the five-area fed steer price for the week of December 29 – January 5 averaging $117.67 for live sales, and $187.98 for dressed; up $2.53 and $17.67, respectively, over the last reported week of 2016 (week ending December 23rd). Total volume sold was up 4,000 head from a week ago and up 45,000 head from last year.

The Christmas and New Year holidays limited reporting for Feeder steer cattle and calves over the past two weeks. The last reported prices in 2016 were for the week of December 23rd when Oklahoma City 500-550 pound steers averaged $152.24 while 750-800 pound steers averaged $132.36. During the same week in Mississippi auctions, lighter weight feeders weighing 450-500 pounds averaged $140.00, while heavy steers averaged $110.00. The first reported prices for 2017 will surface next week.

[ … For Livestock Prices and Production data and trends CLICK HERE …  **Please note: there is quite a bit of missing data this week due to the limited reporting during the holidays**]

Futures:

Live cattle futures and feeder futures took a step back this week. February live cattle were down $1.23 on the week at $114.82, while April live cattle were down $0.37 to $114.20 from last week. January feeder cattle were down $1.95 from last Friday at $128.50 while March futures are down $1.07 on the week at $124.03. March corn futures are up $0.06 from a week ago at $3.58 while May futures are up $0.07 to $3.65.

Beef:

Wholesale boxed beef prices are up slightly compared to a week ago. Choice boxes averaged $201.84, up $0.04 from a week ago. Select boxes ended the week with an average of $193.62, an increase of $0.83 over last week. The choice-select spread narrowed from $9.01 a week ago to $8.22 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.