Tuesday markets
Futures contracts gained some support today, although the cash cattle market remained fairly inactive.
“Feedlots are thankful to see minor support building in the live cattle market following Monday’s disappointing trade,” ShayLe Stewart, DTN livestock analyst, commented in her midday livestock comments. “Feedlots have full intentions to move this week’s cash cattle market higher again, but doing so is always easier when the board helps support the movement.”
A total of 2,084 cash cattle sold today, selling between $107-110 and averaging $108.90. Dressed purchases moved at $172. About 22,000 head of formula cattle sold, averaging 887 lbs. and $176.29.
Live cattle futures were up slightly: The December contract was up 45 cents to $110.62 and February up 30 cents to $113.17.
Boxed beef prices were mixed today on 130 loads. The Choice cutout was down 28 cents to $243.40 and the Select cutout up 65 cents to $223.08.
The day’s slaughter is estimated at 122,000 head. To date this week, a total of 241,000 head have been processed.
Feeder cattle
“The feeder cattle contracts have been bound and determined early this week to trade higher and with the corn market’s slight regression, so long as trader interest continues to be present, the market should be able to close higher again Tuesday afternoon,” remarked Stewart.
And so, they did. The January contract was up 60 cents to $141.65 and the March contract was up 67 cents to $140.65.
The corn contract lost an additional 5 cents today, dropping the December contract to $4.15. The latest CME Feeder Cattle Index was reported yesterday at $138.89.
Sioux Falls Regional Cattle Auction in Worthing, SD, sold 3,496 head yesterday. Compared to last week: Steer calves were not well compared with last week’s limited offering; heifer calves sold $1-3 higher except 500-600 lbs. sold $8-12 higher. Yearling feeder steers 800-850 lbs. sold $4-5 higher, and other weights were not well compared. Feeder heifers sold steady, except 750-800 lbs. sold $3-7 higher. Benchmark steers averaging 787 lbs. sold from $134.50-139.25, averaging $136.84.
Russell Livestock in Russell, IA, sold 3,195 head yesterday. Compared to last week, steers under 600 lbs. were $6-13 higher, and 600-700-lb. steers sold $3 higher. The heavier steers ended mixed. Heifers under 600 lbs. were steady to $6 higher and heifers over 600 lbs. ended steady to $3 higher. Benchmark steers averaging 733 lbs. sold from $134.50-147.25, averaging $142.72.
Roswell Livestock Auction in Roswell, NM, sold 1,445 head today. Compared to last week: Steer calves under 600 lbs. sold steady, except value-added calves sold $8 higher; 600-700 lbs. sold $1 higher; over 700 lbs. sold $2 lower. Heifer calves under 600 lbs. sold mostly $2-4 higher; over 600 lbs. sold $1 higher on comparable quotes. — Anna Miller, WLJ editor
