Monday markets
After Friday’s bearish Cattle on Feed report, the cattle markets struggled to trend higher today.
Live cattle futures saw some losses, with the August contract down 37 cents to $141.22 and the October contract down 75 cents to $114.50.
Cash trade was inactive today, with 286 head sold. Live steers averaged $149.
On the formula side, a total of 46,600 head averaging 878 lbs. sold for an average of $226.17.
Cash trade through Aug. 21 totaled 101,555 head. Live steers averaged $146.98, and dressed steers averaged $234.17.
“A couple of plants are rumored to be dark on Saturday, which could hinder packers’ need of supporting the cash cattle market as aggressively as they have in the last couple of weeks,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
“Nevertheless, once the holiday-shortened Labor Day week is behind the market and things go back to a normal schedule, packers will likely be aggressive again in the marketplace as thin supplies and aggressive throughput pushes cattle throughout the market more aggressively than expected.”
Slaughter for the day is estimated at 125,000 head, 4,000 head more than last Monday. Slaughter through last week is expected to be 661,000 head, compared to the week prior’s number of 647,000 head.
Boxed beef prices were higher on 89 loads. The Choice cutout gained 24 cents to close at $264.52, and the Select cutout gained 42 cents to close at $238.36.
Feeder cattle
Feeder cattle futures also saw losses today. The August contract lost 10 cents to close at $181.40, while the September contract lost 40 cents to close at $184.35.
The CME Feeder Cattle Index gained $1.45 to close at $180.66.
Corn futures found some slight gains, with the September contract up 7 cents to $6.33 and the December contract up 5 cents to $6.29.
“It was noticeable in last week’s sale receipts that ranchers are beginning to send their calves to town and that the fall run is starting earlier this year as ranchers try to combat drought related stressors again,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 4,500 head on Monday. In early trading, feeder steers and heifers sold steady. Benchmark steers averaging 727 lbs. sold between $181-182.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 8,000 head on Monday. Compared to a week earlier, feeder steers sold $4-6 lower, and feeder heifers sold steady to $4 lower. Steer calves sold steady, and heifer calves sold unevenly steady. Benchmark steers averaging 778 lbs. sold between $165-176, averaging $174.69. — Anna Miller, WLJ managing editor
