January 23, 2024

Miles City Livestock Commission 1.23.24 Sale 

  • 59% Feeder Cattle (39% Steers, 61% Heifers, 0% Bulls)
  • 17% Slaughter Cattle (96% Cows, 4% Bulls)
  • 24% Replacement Cattle (13% Stock Cows, 37% Bred Cows, 50% Bred Heifers)
  • Feeder cattle supply over 600 lbs was 36%. 

Bred Cows and Heifers:

  • Young age cows had a moderate to good demand, with a strong buyer pool.
  • Quality of this class of cows was mostly average, and prices remained steady.
  • The sale featured around 500 head of bred cows and heifers.
  • Demand for bred stock was good to very good, attracting a large crowd.

Feeder Steers:

  • Feeder steers under 450 lbs were lightly tested, making it difficult to determine an accurate market trend.
  • Higher undertones were noticed in this weight category.
  • Steers weighing 450-499 lbs saw a significant increase, selling mostly 15.00 higher, attributed to a higher quality offering.
  • Steers in the 500-549 lbs range sold mostly steady to 5.00 higher.
  • Steers over 550 lbs experienced a strong market, selling 5.00-15.00 higher.

Heifer Calves:

  • Heifer calves under 650 lbs had a positive market, selling mostly 5.00-15.00 higher.
  • Heifers over 650 lbs were not well compared, but steady undertones were observed.

Weigh Up Cows and Slaughter:

  • Weigh up cows sold on mostly good to very good demand for light to moderate offerings.
  • Demand for slaughter cows was high as packer buyers needed cows for immediate harvest.
  • Slaughter cows sold mostly 4.00-8.00 higher on all classes.
  • Feeding cows were in demand and sold mostly 5.00-10.00 higher.
  • Slaughter bulls sold mostly 3.00 higher.

General Quality and Overall Market:

  • Quality of the livestock this week was mostly average to attractive, surpassing the attractiveness of the previous sale.
  • Most cattle were weaned for 45-100 days, with a limited offering of calves straight off the cows.
  • Package sizes were mostly moderate, and several partial loads were seen.

CME Positions:

  • CME positions continued to rise, with the January contract closing at 231.00 and the March contract closing at 233.65. Both showed significant increases compared to two weeks ago.

Market Activity:

  • Market activity was mostly active, with a large buyer pool consisting of farmer feeders, ranchers, and order-buyers.
  • Demand for replacement quality cattle was good, particularly for heifers to breed.
  • Competition between feeding buyers and replacement buyers drove prices higher than the last sale.

Full USDA report found here.

Source: Western Ag Network