Monday markets
Last week’s negotiated cash trade is expected to be under 60,000 head. Today’s cash trade was nonexistent, with only 35 head sold. On the other hand, a total of 29,700 formula cattle sold, averaging 882 lbs. and $176.92
Cassie Fish, market analyst in The Beef, noted the small number of cattle sold last week and this week will likely have little impact on cash prices. The week after Christmas, however, she expects to see cash prices trade higher.
Live cattle futures saw barely any movement today, with the December contract up 4 cents to $109.10 and the February contract down 2 cents to $113.10.
Next week’s slaughter will be historically low, due to packers giving employees holiday time off. Last week’s slaughter is expected at 665,000 head, a couple thousand head below the same time last year. Monday slaughter is projected at 120,000 head.
Boxed beef prices continue to drop, with the Choice cutout down $4.19 to $209.69 and the Select cutout down $3.41 to $192.30 on 177 loads.
Feeder cattle
Feeder cattle traded slightly higher today, with the January contract up 30 cents to $140.03 and the March contract up 5 cents to $140.60. Today’s Feeder Cattle Index was down 9 cents to $136.57. The December corn contract lost some steam, losing 5 cents to settle at $4.19.
“Helping push the market higher is last week’s vast movement of feeder cattle which sold anywhere from $5 lower to $5 higher depending on the location throughout the U.S., and obviously the renewed buying from traders,” commented ShayLe Stewart, DTN livestock analyst. “There’s still plenty of upward positioning to be had before the market runs into some technical pressure.”
Joplin Regional Stockyard in Carthage, MO, sold 4,044 head today. Compared to last week, steers under 650 lbs. sold steady to $5 higher; over 650 lbs. sold steady; heifer calves under 600 lbs. sold steady to firm and over 600 lbs. sold steady. Snow south of the market did lead to a lighter number of receipts. A group of benchmark steers weighing 777 lbs. sold between $131-142, averaging $137.85.
Oklahoma National Stockyards sold 11,000 head today, for their last sale of the year. Compared to last week, feeder steers and heifers were lightly tested, however a few trades are sold steady to $1 higher. Steer and heifer calves sold $3-5 lower than last week’s sharply higher market. Benchmark steers averaging 769 lbs. sold between $129-142, averaging $138.40. — Anna Miller, WLJ editor
