Tuesday markets
“Heading into Tuesday’s afternoon trade, the feeder cattle and lean hog contracts have been steady in their trade while the live cattle complex has been jumpy all over the board,” began DTN Livestock Analyst ShayLe Stewart. “Some light cash cattle trade, for substantially higher money than last week’s average, has encouraged the live cattle contracts to trade higher into the afternoon.”
Cash trade in Kansas was moderate with moderate to good demand. Live purchases moved $2-3 higher from $106-107. Cash trade in the Texas Panhandle, Northern Plains and western Corn Belt was limited with light demand. A few purchases in Texas moved at $106.
A total of 17,150 cattle moved on the cash market today, compared to a week ago at 6,456 head. Formula contracts continue to dominate the market, with 32,300 head averaging 889 lbs. priced at $163.46.
Today’s slaughter is estimated at 120,000 head, compared to 117,000 head last week and last year. Monday’s slaughter was revised to be at 112,000 head, compared to the estimated 117,000 head.
Boxed beef prices have been on a steady incline, up $12 in a week. Today’s Choice cutout was marked up $3.60 to $220.86 and Select up $2.71 to $204.65 on 173 loads.
Live cattle CME futures were mixed. The August live cattle contract dipped slightly to $106.82, October gained 45 cents to $110.32 and December was up 65 cents to $113.22.
Feeder cattle contracts were green across the board: the August contract up 50 cents to $143.22, September up $1.32 to $145.72. and October up $1.32 to $146.52. The latest known CME Feeder Cattle Index was $142.
Feeder cattle
OKC West in El Reno, OK, reported 1,500 receipts this week. Compared to last Tuesday, steer and heifer calves sold fully steady with last week’s higher market. Demand was good and quality was plain to average.
Joplin Regional Stockyards in Carthage, MO, reported a total of 4,369 receipts. Compared to last week, steers under 700 lbs. were steady; steers over 700 lbs. and heifers of all weights were steady to $2 higher. Demand was moderate to good and supply was moderate. — Anna Miller, WLJ editor
