Monday markets
While futures closed slightly higher, cash trade was slim today.
Live cattle futures saw some slight gains, with the December contract up 10 cents to $136.95 and the February contract up 77 cents to $138.85.
Only 145 head sold on the cash market, not enough for a market trend. Formula purchases totaled about 34,800 head, averaging 879 lbs. and $224.79. Last week, cash trade totaled only 66,624 head. Live steers sold for $139.50, and dressed steers sold for $219.76.
“The tough part about the rest of the year is going to be keeping cash cattle prices from falling lower as packers have cattle committed to the deferred delivery, which means they won’t have to support the cash market much in the weeks to come,” remarked ShayLe Stewart, DTN livestock analyst.
Slaughter for the day is projected at 122,000 head, on pace with last Monday. Last week’s total slaughter is estimated at 668,000 head.
Boxed beef prices were mixed on 127 loads, with the Choice cutout down $1.32 to $263.22 and the Select cutout up $1.40 to $253.64.
Feeder cattle
Feeder cattle futures also saw gains, with the January contract up 65 cents to $165.52 and the March contract up $1.17 to $166.47. The CME Feeder Cattle Index gained 65 cents to close at $162.16.
Corn futures were modestly lower, with the December contract down 4 cents to $5.84 and the March contract down 5 cents to $5.85.
“With the live cattle market adding some minor support to the market’s momentum, feeders saw Monday’s market as a great opportunity to advance their position before the market sees less interest due to the holiday,” Stewart said.
Missouri: Joplin Regional Stockyards sold 8,500 head Monday. Compared to the week prior, feeder steers traded steady, and heifers under 525 lbs. sold steady to $5 lower, with heavier weights trading steady. Benchmark steers averaging 786 lbs. sold for $166.
Oklahoma: Oklahoma National Stockyards sold 15,000 head Monday at their last sale for the year. Compared to a week earlier, heavier weights were lightly tested. Steer and heifer calves sold steady, except heifers 300-400 lbs., which sold $6-8 higher. Benchmark steers averaging 763 lbs. sold between $160-172, averaging $162.59. — Anna Miller, WLJ managing editor
