U.S. beef exports during January were up 5.3% compared to 12 months earlier. Hong Kong, Japan and Mexico were the major growth markets. January exports equaled 9.42% of U.S. beef production.
January beef imports were down 9.1% from a year earlier with most everybody except Canada sending us less beef than a year ago. January imports equaled 8.46% of production.
Cattle imports were down 0.2% in January with cattle from Mexico up 0.1% and cattle imports from Canada down 0.5%.
Through Thursday, the 5-area average price for slaughter steers sold on a live weight basis was $147.92/cwt, down $1.21 from a week ago, but up $21.41 from a year ago. Steer sales on a dressed basis averaged $239.80/cwt this week, up $1.51 from a week ago and up $36.95 from year ago.
This morning, the boxed beef cutout value for choice carcasses was $240.63/cwt, up $3.75 from the previous Friday and up $44.71 from a year ago. The select carcass cutout is $236.79/cwt, up $3.52 from last week and up $42.59 from last year.
This week's cattle slaughter totaled 564,000 head, up 2.9% from the previous week, but down 7.2% from the corresponding week last year.
The average steer dressed weight for the week ending on March 1 was 863 pounds, down 3 pounds from the week before, but up 5 pounds from a year earlier.
Feeder cattle prices at this week's Oklahoma City auction were called steady to $3 higher than the week before. This week's prices for medium and large frame #1 steers by weight were: 400-450# $223-$250, 450-500# $220-$244, 500-550# $212-$226, 550-600# $199-$216.50, 600-650# $185.50-$204, 650-700# $171-$192.50, 700-750# $172-$183.50, 750-800# $153-$176.50, 800-900# $155-$168.75, and 900-1000# $147.75-$157.50/cwt.
Cattle futures were higher this week. The April live cattle futures contract closed at $145.25/cwt today, up $2.00 from last week's close. June fed cattle settled at $137.85, up $1.98 for the week. August settled at $135.47/cwt, up $1.62 from the previous Friday.
Feeder cattle futures followed fed cattle futures higher. The March feeder cattle contract ended the week at $174.60/cwt, up $2.23 for the week. April feeders closed at $177.22/cwt, up $3.57 from the previous Friday. The May feeder cattle contract gained $3.90 this week to end at $178.30.
Corn futures were relatively steady this week. March corn futures ended the week at $4.72/bushel, down 9 cents from the week before. May corn settled at $4.86/bushel, off 3 cents from the previous Friday. The July corn futures contract ended the week at $4.905/bushel.
March soybean meal ended the week at $449/ton, down $16.00 for the week. May soybean meal futures closed at $444/ton.