Wednesday markets
“The live cattle contracts are starting to feel the luck of the Irish as the complex turns mostly green and absorbs the market’s interest,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
The April contract was up $1.22 to $119.42 and the June contract up 57 cents to $122.02.
“If the market’s trade can be patient, and if the board can continue to trade positively, this week may have a shot at seeing higher cash cattle trade if feedlots don’t sell out early.”
The Fed Cattle Exchange listed 2,374 head for their weekly online auction, of which 894 sold. Opening prices ranged from $112-113 and high bids ranged from $113-114.50.
A total of 22,633 head sold on the cash market today, finally breaking above the $114 mark and trading from $113-115.25. Dressed steers sold between $179-182. On the formula side, a total of 15,800 head averaging 874 lbs. sold for $186.84.
Boxed beef prices were mixed on 129 loads, with the Choice cutout up $1.54 to $228.47 and the Select cutout down $1.18 to $217.59.
Slaughter is running a little short of usual, with today’s number projected at 117,000 head. The same time last week totaled 121,000 head.
Feeder cattle
Feeder cattle contracts also saw some gains today. The March contract was up 35 cents to $136.92 and the April contract was up $1.32 to $144.65. The CME Feeder Cattle Index was reported up 9 cents to $133.95. Corn was also up, with the May contract up 3.6 cents to $5.58.
“High priced corn has hurt replacement prices in the current environment but delivery of higher prices for the balance of the year will in no small part be dependent on corn prices and this year’s planted acres,” commented the folks at the Cattle Report. “Few purchases of feeder cattle satisfy a successful financial proforma based on current corn cost and the live cattle futures contracts.”
Iowa: Russell Livestock in Russell sold 4,268 head Monday. Compared to two weeks earlier, steer calves 500-650 lbs. were steady to $3 lower; 650-850 lbs. sold mostly steady. Heifer calves 450-650 lbs. sold $3-6 lower; 650-900 lbs. sold steady to $3 higher. Benchmark steers averaging 777 lbs. sold between $131-144.25.
Kansas: Winter Livestock in Dodge City sold 892 head Wednesday. Compared to the week prior, feeder steers 400-800 lbs. sold steady; eight-weight steers sold steady to $2 higher. Heifer calves 300-600 lbs. sold steady; feeder heifers 600-900 lbs. sold steady to $2 lower. Benchmark steers averaging 773 lbs. sold for $142. — Anna Miller, WLJ managing editor
