Monday markets
Monday began with optimism and markets traded mostly higher, but fell short by the end of the day. Cash trade was virtually nonexistent, with only 40 head trading hands. On the formula side however, a total of 34,300 head averaging 904 lbs. were priced at $176.65.
Last week, a total of 88,895 negotiated cash cattle sold. Live steers averaged $109.22 and dressed steers averaged $172.58.
“After last week’s somewhat disappointing cash cattle trade, opportunity lingers for this week’s cash cattle trade,” ShayLe Stewart, DTN livestock analyst said in her midday comments. “As packers continue to reap the benefits of a strong boxed beef market, feedlots should be keenly aware that they have an opportunity to price their cattle higher and should be willing to wait until later in the week if need be.”
Live cattle contracts were mixed, with the February contract down 20 cents to $116.52 and the April contract up 42 cents to $122.95.
Boxed beef prices were several dollars higher today, with the Choice cutout up $3.91 to $226.73 and the Select cutout up $2.87 to $216.21 on 91 loads.
Today’s slaughter is projected at 118,000 head, several thousand head ahead of last week, but a couple thousand head below the same time last year. Last week’s slaughter is estimated at 657,000 head.
Feeder cattle
Corn prices are back on their steady gain and feeder cattle contracts were lower in response. The March corn contract is up 11 cents to $5.11. The January feeder cattle contract lost 70 cents to $136.55 and the March contract lost 30 cents to $143.85. The latest CME Feeder Cattle Index was up 49 cents to $134.48.
Missouri: Joplin Regional Stockyards in Carthage sold 6,000 head Monday. Compared to the week prior, steers under 600 lbs. sold steady and over 600 lbs. sold steady to $2 higher. Heifers sold steady. Benchmark steers averaging 727 lbs. sold between $131-140.35, and averaged $135.66.
Oklahoma: National Stockyards in Oklahoma City sold 10,500 head Monday. Compared to the prior sale, feeder steers sold steady and feeder heifers sold steady to $2 higher, with the advance on six-weights. Steer and heifer calves sold steady to $4 lower. Benchmark steers averaging 726 lbs. sold between $127-142, and averaged $133.86. — Anna Miller, WLJ editor
