Tuesday markets
“It’s a classic turnaround Tuesday today with CME cattle futures staging a modest rally, some contracts filling the gap left yesterday,” began Market Analyst Cassie Fish in The Beef. “It’s a quiet, light volume trade with the October live cattle giving ground on the spreads to the back months that were hit hard thanks to the big placement in July.”
The August live cattle contract dropped slightly at 8 cents to $105.50 and the October live contract gained 85 cents to $108.78. Feeder cattle futures were green across the board with the August contract gaining 25 cents to $142.25 and the September contract gaining 23 cents to $143.08. The latest known CME Feeder Cattle Index was $143.62.
Negotiated cash trade and demand was light to moderate in the Texas Panhandle today, with live purchases moving at $105. Light trade moved in Kansas with purchases at $105-107. Trade was mostly inactive in all other regions.
A little over 11,000 head traded on the negotiated market. The formula and grid market saw 27,500 head trade, weighing 869 lbs. and averaging $170.61.
The Labor Day season is still pushing boxed beef prices higher. On 104 loads, the Choice cutout gained $2.21 to $229.68 and the Select cutout gained $1.01 to $212.26. Prices are likely in their last few days of the seasonal rally, to be followed by a seasonal decline into fall.
The day’s slaughter is estimated at 118,000 head, about on trend with last week and last year.
Feeder cattle
Oklahoma National Stockyards in Oklahoma City, OK, reported almost 8,500 receipts and compared to last week feeder steers and heifers were $3-5 lower, with instances up to $10 lower on a few six-weight steers.
Joplin Regional Stockyards in Carthage, MO, reported about 5,450 receipts, and compared to last week, steer and heifer calves sold $2-5 lower and yearlings sold steady to $2 lower. — Anna Miller, WLJ editor
