Monday markets
“Moderation in temperatures, drought relief, signs of easing prices on the inflation front, and slightly smaller fed supplies, will set the stage for the possibility of more favorable cattle prices,” wrote the Ag Center in the Cattle Report.
Live cattle futures were lower today, with the August contract down 47 cents to $139.75 and the October contract down 70 cents to $143.80.
Cash trade for the day was light, with only 800 head sold. Live steers sold for $146. On the formula side, a total of 39,200 head averaging 867 lbs. sold for an average of $220.52.
Cash trade through last week totaled 100,017 head. Live steers averaged $144.66, and dressed steers averaged $229.98.
“Last week was the second consecutive week of active negotiated fed cattle trade at higher money,” wrote Cassie Fish, market analyst, in The Beef. “The 5-area average was $144.39, the third highest average price of 2022.”
Slaughter for the day is estimated at 124,000 head, compared to last Monday’s 119,000 head. Total slaughter for last week is estimated at 647,000 head.
Boxed beef prices were higher on 95 loads. The Choice cutout gained $1.09 to close at $264.46, and the Select cutout gained 13 cents to close at $239.72.
“Seasonal weakness into mid-to-late September is normal, though nothing has been particularly normal in the wholesale beef market with a tight trading range persisting all summer long,” Fish said. “Packer margins are still a solid black.”
Feeder cattle
Feeder cattle futures were mixed today. The August contract gained 30 cents to close at $179.92, while the September contract lost 37 cents to close at $183.
“If the live cattle market can trade fat cattle higher again this week while the corn complex veers lower, then the feeder market should have a relatively problem-free time trading higher,” said ShayLe Stewart, DTN livestock analyst, in her midday comments.
The CME Feeder Cattle Index gained 76 cents to close at $179.04.
Corn futures took a beating today, with the September contract down 13 cents to $6.26 and the December contract down 14 cents to $6.28.
Missouri: Joplin Regional Stockyards in Carthage sold 4,348 head on Monday. Compared to the previous sale, feeder steers and heifers traded steady to $5 higher. Benchmark steers averaging 758 lbs. sold for $180.50.
Oklahoma: Oklahoma National Stockyards sold 6,800 head on Monday. Compared to the week prior, at the mid-session, feeder steers and heifers continued to be lightly tested, as the bulk of sales were calves. A few feeder steers sold $2-6 higher, and a few feeder heifers sold $5 higher. Benchmark steers averaging 768 lbs. sold between $176.50-181, averaging $179.64. — Anna Miller, WLJ managing editor
