Wednesday markets
The cattle markets were dull today, with little activity in the cash market and futures mostly lower.
Live cattle futures experienced some declines today. The June contract lost 60 cents to $122.50 and the August contract lost 30 cents to $122.87.
Cash trade for the day was slight in volume, but high in prices. A total of 8,445 head traded on the market, with live steers selling between $122-126. Dressed steers sold between $197-202. On the formula side, a total of 25,900 head averaging 845 lbs. sold for $198.23.
The Fed Cattle Exchange listed 5,844 head Wednesday for its weekly virtual sale. Of that, only 64 fed heifers sold for $122. Bids for other lots ranged from $118-120. Reserve prices were listed mostly at $118-124.
“Looking to Thursday, there should be more cash cattle interest as the market yet to really seen any substantial trade,” reported ShayLe Stewart, DTN livestock analyst.
Slaughter for the day is projected at 117,000 head, a few thousand head short of the same time last week. Slaughter to date this week totals 356,000 head, a thousand head short of last week but generally on trend.
Boxed beef prices were lower today on 119 loads. The Choice cutout was down $3.70 to $312.05 and the Select cutout was down $4.34 to $275.41. The Choice-Select spread is now sitting at $36.64.
Feeder cattle
Feeders were down several dollars today. The August contract lost $2.65 to $155.70, and the September contract lost $2.27 to $158.07. The CME Feeder Cattle Index was up 20 cents to $145.44. Corn traded mostly sideways today, with the July contract up 4 cents to $6.62 and the September contract down 2 cents to $5.51.
“If the cash cattle market can prove to be stronger this week, feeders stand a chance at trading higher yet again, especially if the corn market trades steady to even lower,” Stewart said.
Kansas: Winter Livestock in Dodge City sold 1,539 head Wednesday. Compared to the prior sale, feeder steers 625-925 lbs. sold steady to $2 higher. Feeder heifers 625-775 lbs. sold $1-2 higher. Heifers 775-850 lbs. sold $1-2 lower. Benchmark steers averaging 792 lbs. sold between $140-143. — Anna Miller, WLJ managing editor
