Demand for limited supplies of feeder cattle remains strong. Feedlots are looking to fill their feedyards to take advantage of lower feed costs and the prospects for higher fed cattle prices, while recent rains have improved the drought situation in a few areas, likely creating some demand for cattle to go on grass.
In May, the weighted-average price for feeder steers weighing 750–800 pounds at the Oklahoma City National Stockyards was $205.53 per hundredweight (cwt). This was a $7 increase from April and nearly $52 higher than May 2022.
In the first week of June, prices jumped $20 from 2 weeks prior to $228.98 per cwt. For reference, the highest recorded weekly price for feeder steers was $243.58 per cwt in October 2014. Accounting for the recent strength in prices and improved opportunities to put calves on pasture, the second-quarter forecast price for feeder steers is raised $5 to $209 per cwt. The third quarter is raised $10 to $224 per cwt, and fourth quarter is raised $6 to $226 per cwt. The 2024 forecast is raised $6 to $227 per cwt.
https://www.ers.usda.gov/publications/pub-details/?pubid=106747
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