Monday markets
Most of the markets were closed today in observance of Martin Luther King Jr. Day.
“The steady flow of sell orders in cattle futures last Friday made little sense to any but the many hedged cattle owners who took the opportunity to improve their basis levels,” the Cattle Report wrote. “More sophisticated traders, who usually sense an irrational move in futures, are wary of entering a futures market that may be active with someone who has knowledge of a future political announcement.”
Cash trade for the day totaled about 70 head. No market trends were reported. On the formula side, a total of 21,200 head averaging 950 lbs. averaged $374.56.
Slaughter for the day is estimated at 105,000 head, compared to 114,000 head a week earlier. Total slaughter for a week earlier is estimated at 562,000 head.
Boxed beef prices were higher on 82 loads. The Choice cutout gained $1.95 to close at $364.33, and the Select cutout gained 14 cents to close at $360.33.
Feeder cattle
Missouri: Joplin Regional Stockyards in Carthage sold 9,000 head on Monday. Compared to a week earlier, feeder steers sold steady to $10 lower, with feeder heifers selling steady to $7 higher. Benchmark steers averaging 765 lbs. sold from $350-369, averaging $361.43.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,800 head on Monday. Compared to a week earlier, feeder cattle and calves sold steady to $4 lower on lesser quality. Benchmark steers averaging 781 lbs. sold from $348-371.25, averaging $355.41. — Anna Miller Fortozo, WLJ managing editor
