Monday markets
It was another slow start to the week for cash cattle, with just under 250 head traded. Feedlots are expected to price cattle higher again this week, but there were not enough trades for a market trend today. Last week, negotiated cash cattle trade totaled 60,552 head.
A total of 31,600 formula cattle sold today, averaging 879 lbs. and $172.99.
Live cattle futures were mixed. The December contract was up 12 cents to $110.60 and the February contract was down 20 cents to $114.65.
“Even though the market longs for 2021 (as do the rest of us) we have to remember that there are still two weeks before 2021 makes its appearance and the market could fight some holiday pressure in the meantime,” commented DTN Livestock Analyst ShayLe Stewart in her midday comments. “Nevertheless, the underlying support that is driving the market is encouraging as producers long for more profitability in 2021.”
Boxed beef prices were higher today, with the Choice cutout up $2.29 to $210.92 and the Select cutout up $2.99 to $197.26 on 110 loads.
Total slaughter for last week is estimated at 659,000 head. Slaughter numbers this week will be smaller, with the Christmas holiday. A total of 119,000 head were slaughtered today, a few thousand head more than last Monday.
Feeder cattle
Feeder cattle contracts saw more green today, with the January contract up 17 cents to $140.62 and the March contract up 82 cents to $143.12. The support for feeder cattle comes even with the corn contract reaching $4.40. Today’s CME Feeder Cattle Index was up $1.08 to $139.56.
Some auction markets have concluded their 2020 sales already, and will resume in early January.
Joplin Regional Stockyards in Carthage, MO, sold 7,500 head today. Compared to last week, steer calves and yearlings sold steady and heifers sold steady to $2 higher. Benchmark steers weighing 776 lbs. sold between $135-143, averaging $137.64.
Russell Livestock in Russell, IA, sold 676 head today. Compared to last week, the larger groups of steers under 500 lbs. sold as much as $10 higher. The heavier steers ended mixed with not enough numbers both weeks to compare. Heifers under 500 lbs. were $5 higher with instances of $10 higher. The 500-600-lb. heifers were $1-5 lower and those weighing over 600 lbs. did not have enough to compare. — Anna Miller, WLJ editor
