Monday markets
“It was a lower-trading day for all the livestock contracts, as the marketplace didn’t see much interest from traders and the cash markets were unsupported,” remarked ShayLe Stewart, DTN livestock analyst.
Live cattle futures were lower, with the December contract down 27 cents to $134.37 and the February contract down 45 cents to $135.97.
Cash trade for the day was slower than Mondays as of late, likely due to the holiday week. A total of 2,356 head sold, with live steers selling for $135. A total of 42,700 head averaging 884 lbs. sold for an average of $223.41.
“The theme this week is going to be lower as packers work to push cash prices lower, boxed beef prices will likely see some pushback, and with it being a shortened holiday week, kill schedules will be lighter this week too,” Stewart said.
Cash trade for the week ended Dec. 19 totaled only 48,733 head. Live steers sold for $137.31, and dressed steers sold for $218.33.
Slaughter for the day is estimated to reach 120,000 head, a couple thousand head short of the same time last week. Total slaughter for last week is projected to reach 657,000 head. Slaughter for the first week of December is estimated at 682,269 head.
Boxed beef prices were mixed, with the Choice cutout down 63 cents to $262.38 and the Select cutout up $2.39 to $250.67.
Feeder cattle
Feeder cattle futures were also lower, with the January contract down $1.02 to $159.22 and the March contract down $1.20 to $160.50. The CME Feeder Cattle Index lost 34 cents to close at $160.70.
Corn futures were slightly lower, with the March contract down 2 pennies to $5.91 and the May contract also down 2 pennies to $5.92.
“I know that it’s tempting to look at the corn market’s slightly lower close and to grow frustrated with the fact that feeders didn’t capitalize on the opportunity to potentially rally—but when the market is thinly traded because it’s a holiday week and the live cattle complex lends no support, feeders weren’t equipped to make a higher move,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 5,500 head Monday. Compared to a week earlier, feeder steers traded steady. Feeder heifers under 550 lbs. sold steady, with heavier weights trading steady to $3 higher. — Anna Miller, WLJ managing editor
