Monday markets
Cattle markets were hesitant to move much higher today.
Live cattle futures were mixed today: The August contract was up 7 cents to $120.25 and the October contract was down 50 cents to $125.10.
“The live cattle market will likely face pressure throughout the majority of the week as boxes are expected to continue to dip lower and the cash cattle market doesn’t stand much of a chance at trading higher,” reported ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade was basically nonexistent today, with only 229 head sold. There were not enough purchases for a market trend. On the formula side, a total of 49,800 head averaging 860 lbs. averaged $193.96
Negotiated cash trade for last week totaled 75,811 head. Live steers averaged $122.97 and dressed steers averaged $198.94.
Today’s slaughter is estimated at 118,000 head, a few thousand head down from the same time last week. Saturday’s slaughter was logged at 56,000 head. Slaughter for last week is projected to reach 653,000 head. USDA reported actual slaughter for the first week of July to total 628,000 head.
Boxed beef prices were lower on 125 loads. The Choice cutout was down $1.45 to $266.49 and the Select cutout was down $2.30 to $249.49.
Feeder cattle
Feeders were up today. The August contract was up $1.75 to $157.37 and the September contract was up 55 cents to $159.05. The CME Feeder Cattle Index was down 66 cents to $150.73.
Corn prices were mostly unchanged, with the September contract steady at $5.46 and the December contract up 2 cents to $5.52.
“The corn market has posted a slight rally, but largely the market’s weaker trade stems from the futures complex’s uncertainty as traders are extremely hesitant,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 4,000 head Monday. Compared to a week earlier, at the mid-session feeder steers and heifers were trading $2-3 higher. Benchmark steers averaging 764 lbs. sold between $148-158.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,750 head Monday. Compared to the prior sale, feeder cattle and calves sold unevenly steady. Early demand was moderate to good. Benchmark steers averaging 771 lbs. sold between $148-159, averaging $151.63.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 927 head Monday. Compared to the previous sale, feeder steers and heifers did not have a good comparison due to a limited offering. However, steers 900-950 lbs. sold steady; heifers 600-650 lbs. sold steady to $4 lower; heifers 750-800 lbs. sold $2-3 lower; heifers 800-850 lbs. sold $6 lower; and 950-1,000 lbs. sold $1-2 higher. Benchmark steers averaging 727 lbs. sold between $153-154.25, averaging $154.25. — Anna Miller, WLJ managing editor
