Monday markets
It was a quiet day in the cattle markets due to the Presidents Day holiday. The CME Group was closed for trading, but feeder cattle were still sold throughout the country.
Cash trade was inactive today, with only 276 head sold. Live steers averaged $145, and there was no market trend for dressed steers. On the formula side, a total of 25,700 head averaging 881 lbs. sold for an average of $223.63.
Cash trade through last week nearly topped 100,000 head, reaching 98,691 head. Live steers averaged $142.37, and dressed steers averaged $225.97.
Today’s slaughter is estimated at 108,000 head, about 13,000 head short of last Monday due to the holiday. Slaughter through last week is expected to total about 663,000 head.
“February (slaughter) is on track to exceed last year by a large percentage after falling behind in January,” wrote the Cattle Report. “The success in achieving new highs is fragile and obstacles could easily develop that would result in additional setbacks but for now volumes have stabilized at a satisfactory level.”
Boxed beef prices were lower on 98 loads. The Choice cutout lost $1.76 to close at $264.09, and the Select cutout lost 79 cents to close at $261.84.
Feeder cattle
“Calf prices can’t provide the grass to run the cattle in those areas where drought is indicated, but in many areas where producers can ramp up production of more calves, there is likely to be an effort to begin the turnaround in the downward direction of cattle numbers,” the Cattle Report said.
“Holding heifers back will accelerate the shortage of replacement cattle for the feedyards.”
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head Monday. Compared to a week earlier, feeder steers and heifers traded steady. Benchmark steers averaging 762 lbs. sold between $157-163, averaging $162.25.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 14,000 head Monday. Compared to the previous sale, feeder steers sold steady to $1 lower, and heifers sold steady to $2 higher. Steer calves sold steady to $3 lower, and heifer calves sold $1-3 higher. Benchmark steers averaging 769 lbs. sold between $151-159, averaging $155.07. — Anna Miller, WLJ managing editor
