Monday markets
Cattle markets were mixed today with fed cattle losing a bit on the board, but feeder cattle starting to make some new recent highs. August live cattle were off 35 cents to $99.65 and October was down 37 cents to $104.20, while feeder cattle had a good rally with August feeders gaining $1.30 to $137.05, September up 75 cents to $138.05 and October gaining $1.02 to $138.52.
Today’s slaughter was estimated to be 118,000 head. Last week there were 658,000 head processed. A total of 22.7 percent of last week’s sales were negotiated cash and 64.2 percent were formula sales.
Boxed beef markets were off a bit with the Choice down $1.24 to $202.26 and Select down $2.41 to $191.88 on a light trade of 119 loads. The cow beef cutout at the end of last week was $195.49. The trim markets were also stable with 90s trading at $242.54 and 50s at $47.57.
ShayLe Stewart, DTN market analyst, is full of optimism today, “Heading into Monday’s afternoon trade, the livestock complex is torn on whether higher prices should be sought, or if the complex should simply trade cautiously. The live cattle and lean hog complex are trading mixed, but the feeder cattle contracts are vigorously trading higher. Corn’s lower trend and exciting feeder cattle acquisition make for an encouraged board. December corn is down 7.5 cents per bushel and December soybean meal is down $7.40.
Cash cattle trade was exceptional last week as price jumped $4 to $5 higher for dressed cattle, and $2 to $3 higher for live cattle. Bids and asking prices have yet to be established for the entire feeding region, but Nebraska has priced dressed cattle at $162 or higher, and live cattle at $101 or higher. The rest of the countryside is expected to price cattle higher as well as last week aided a stronger cash cattle trade.
“Hi-ho up feeder cattle contracts go. Last week feeder cattle sales fared phenomenally well as buyers keep lining up to buy feeder cattle despite the uncertainty in the fat cattle world. Putting a simple twist on a complex situation, it seems as though cattlemen are gut-full of bad news and are simply ready to have a lively and fruitful market again.”
Last week, the national weekly summary report compared to the prior week ending July 3,today steers and heifers sold uneven; $2 lower to $2 higher in the Southcentral and Southeast regions. Steers and heifers sold $4-9 higher in the Northcentral region. Auction and direct receipts increased this week by 50K for auction and 40K for direct.
After the holiday last Saturday, some Monday auctions took another week off to get more maintenance done and will be ready to get back into the swing of things next week. Mid-week sales such as Bassett, NE, Livestock Auction’s Annual BBQ special brought over 8,000 head of weaned fall calves and load lots of Sandhill-raised yearlings to town, with those heavier weight yearlings trading sharply higher than their last regular sale two weeks ago. Steers and heifers alike were in demand in central Nebraska as a load of 627-lb. steers sold at $171.25. Near seven loads of top-notch steers weighing from 835-846 lbs. sold from $145.60-147, averaging $146.13 or $1,225 per head. Also, a load of 90- lb. spayed heifers sold at $131.
National Stockyards in Oklahoma City offered 8,000 head today and reported feeder steers under 850 lbs. $2-6 higher and over 850 lbs. steady to $2 higher. Feeder heifers traded $1-4 higher. Steer and heifer calves were lightly tested but a higher undertone was noted. Demand was very good for all classes. Much needed moisture fell over most of the trade area bringing relief to much of an early drought. Benchmark yearling steers weighing 767 lbs. averaged $139.60. — Pete Crow, WLJ publisher
