The average steer dressed weight for the week ending on September 5 set a new record at 914 pounds, up 8 pounds from the week before, up 25 pounds compared to the same week last year, above the year-ago level for the 64th consecutive week.
Cattle slaughter this week totaled 576,000 head, up 15.0% from the week before, which was light because of Labor Day, and up 0.3% from the same week last year. This is the first non-holiday related week with slaughter above the year-ago level since February.
Fed cattle prices this week were sharply lower on good volume. Through Thursday, the 5-area average price for slaughter steers sold on a live weight basis was $135.07/cwt, down $4.91 from last week's average and down $18.68 from a year ago. The 5 area average dressed price this week for steers was $213.25/cwt, down $6.84 for the week and down $31.98 compared to the same week last year.
This morning the choice boxed beef cutout value was $227.19/cwt, down $10.79 from the previous Friday and down $23.34 from a year ago. The select carcass cutout was $219.73/cwt this morning, down $7.40 from last week.
Feeder cattle prices at Oklahoma City were $5 to $15 lower this week. Prices for medium and large frame #1 steers by weight group were: 400-450# $236-$268, 450-500# $237-$259, 500-550# $210-$239.75, 550-600# $203-$224.50, 600-650# $205-$229, 650-700# $190-$220, 700-750# $190.25-$212, 750-800# $186-$203.50, 800-900# $185-$197.50 and 900-1000#, $184-$185/cwt.
Like the cash market, cattle futures were lower this week. The October live cattle futures contract settled at $136.00/cwt today, down $4.60 for the week. December fed cattle settled at $138.37/cwt, down $4.00 from the previous week. September feeder cattle ended the week at $192.80/cwt, down $7.90 from seven days earlier. The October feeder cattle contract lost $9.28 to close at $185.82/cwt.