As the holiday-shortened weeks began, cattle markets entered Christmas week with subdued activity.
Live cattle futures began the week on a redder note, trading lower to $190.97 on the December contract and $187.45 on the February contract.
“It’s likely that this whole week the market will trade halfheartedly as everyone steps away to enjoy Christmas,” wrote ShayLe Stewart, DTN livestock analyst, in her Monday midday comments.
The CME closed livestock futures at noon on Christmas Eve and was closed on Christmas Day.
Cash trade for Monday was less than 200 head. Live steers traded for $192.
“Last week’s negotiated fed cattle trade was one of the four smallest of 2024 at just a hair under 50k head,” said Cassie Fish, market analyst, in The Beef on Monday. “Some plants own two to three weeks inventory, so the small trade volume may not be as alarming as it seems. More committed cattle will be available in January as well.”
Cash trade through Dec. 22 totaled 49,864 head. Live steers averaged $194.68, and dressed steers averaged $305.57.
Slaughter for Monday totaled 118,000 head. Total slaughter for the week ending Dec. 13 is estimated at 617,000 head.
“Last week’s slaughter came in at 617k head, smaller than many predictions as packers continue to fight red ink,” Fish said. “This week’s expectations for slaughter run from 500k to 550k head, depending entirely on how many plants run on Saturday.”
Boxed beef prices traded mostly steady, closing Monday at $315.98 for the Choice cutout and $286.75 for the Select cutout.
USDA released its last Cattle on Feed report for the year on Dec. 20. The total number of cattle and calves on feed as of Dec. 1 was slightly below 2023. Placements were 4% lower, and marketings were 1% lower. Other disappearance totaled 55,000 head, or 2% above a year earlier.
Feeder cattle
Feeder cattle futures started the week on a higher note, with the January contract at $256.60 and the March contract at $256.
The CME Feeder Cattle Index closed 77 cents higher to begin the week at $263.
“Some of the feeder cattle market’s support could be stemming from the fact that Friday’s Cattle on Feed Report showed that placements were lighter than a year ago,” Stewart said.
Corn futures traded mostly sideways, starting the week at $4.47 for the March contract and $4.53 for the May contract.
Most auction markets closed ahead of the end-of-year holidays and are set to reopen in the new year. — Anna Miller, WLJ managing editor
(Editor’s note: This report includes only market information available as of Monday, Dec. 23, due to an earlier WLJ press schedule.)
