Cattle prices in dollars per hundredweight (cwt.) except some replacement animals per pair or head as indicated.

NATIONAL SLAUGHTER CATTLE

(Federal-State Market News)

Oklahoma City-Des Moines

Nov. 23

Compared to Nov. 16: Slaughter cattle traded early this week due to the Thanksgiving holiday and shortened trading period. Slaughter cattle sold $2 higher. Dressed basis in Nebraska sold $4-5 higher. Packer demand very good.

Boxed beef prices Nov. 23 averaged $185.15 up $2.10 from Nov. 16. The Choice/Select spread is at $21.69. Slaughter cattle on a national basis for negotiated cash trades through Nov. 23 totaled about 73,000. Nov. 16 total head count was 99,933.

Midwest Direct Markets: Live Basis: Steers and Heifers 35-80 Percent Choice, 1200-1400 lbs. $127-128.50 Dressed Basis: Steers and Heifers: $201.

South Plains Direct Markets: Live Basis: Steers and Heifers 35-65 percent Choice, 1100-1400 lbs. $127-128

Slaughter Cows and Bulls (Average Yielding Prices): Slaughter cows steady to $1 higher. Slaughter bulls steady.

USDA's Cutter cow carcass cut-out value Nov. 23 was $161.05 up $1.20 from Nov. 16.

NATIONAL FEEDER AND STOCKER CATTLE

(Federal-State Market News)

St. Joseph, Mo.

Nov. 23

This week Last week Last year

157,600 338,700 172,300

Compared to Nov. 16, feeder cattle and calf markets were not fully tested due to limited marketing during the Thanksgiving holiday week. However, a slightly higher undertone was noted on lighter receipts on Nov. 18 and Nov. 19 auctions that were open for business. The previous week's cattle-on-feed report may have been well predicted by industry analysts, but the results still show a glaring portrait of how tight supplies of feeder cattle have become. Plus, calf crops are expected to become even smaller after the Midwestern drought caused another massive herd sell-off and the conditions made conception rates plummet on younger cows and replacement heifers. If the shortage of feed and pond water were not keeping a lid on price levels, we would undoubtedly be seeing record prices of feeders and replacement females even though fall is usually a season when markets are under pressure. Packers and cattle feeders are both struggling to reach breakevens, but each are staring down a loaded barrel of inevitably higher supply-driven prices. The entire industry is dependent on higher wholesale beef prices and the attractiveness of cattle commodities as an investment to money managers to help offset producer hedging. Cow/calf producers are in the driver's seat, but it may be hard to convince them of that as they currently pilot a water truck, take weekly inventory of hay bales, and cull solid-mouthed cows. Profits are currently tight but opportunities are on the horizon and thinking needs to be forward. Nov. 20 at the Special Thanksgiving Yearling Sale at the Green City, Mo., Livestock Market two loads of 997 lb. steers brought $143.10, while nearly 600 head of the top quality 800-900 lb. steers averaged 844 lbs. at $149.92. Fed cattle sold $1-2 higher this week from $126-128. This week's reported auction volume included 43 percent over 600 lbs. and 42 percent heifers.

AUCTIONS

This week Last week Last year

102,000 299,400 129,100

DIRECT

This week Last week Last year

31,600 36,600 27,900