October 24, 2023 — Lane Nordlund with the Western Ag Network talked livestock futures on today’s Daybreak Market Report.
“The blood bath continues in the livestock futures,” said Nordlund. “The marketplace continues to react to the bearish news from Friday’s catalogue feed report. December live cattle fell $6.27 into the red yesterday at $178.35 – February down $6.75 at $180.97. Now prices in the live cattle futures have fallen $9 from the September highs, and following yesterday’s market tumble, there are significant questions just where support levels will hold. The increased placement and total cattle on feed number is surprising, but there are also more questions than answers following Friday’s report and market reaction. The higher numbers out in feedlot country do not prove that overall supply significantly increased, but does raise questions of just how solid market expectations are given more calves moving into feedlots.”
“The prices also were down $6.42 in the feeder cattle at $235.80, while January down $7.35 at $235.70.”
Nordlund did say that cattle buyers were able to take advantage of the bearish news being able to buy feeder cattle through the ring a bit softer over the past weekend.
“Looking to last Friday’s sale in Brush, CO at Livestock Exchange the 514-540 weight feeder steers were priced at $301-$312. Torrington Livestock saw a $2-$3 dollar softer trend for slaughter cows priced at $88-$133.”
“Yesterday, the 20th Annual Montana Angus Female Bonanza was held at the public auction yard in Billings, MT. Over 3,400 head of bred cows were sold. 2 to 4-year-old bred cows went for $2,475 all the way up to $3,125. 5 to 8-year-old bred cows $1,925 up to $2,725. Bred heifers were $1,900 up to $3,300.”