Monday markets
Live and feeder cattle were higher today, and cash trade remained at a standstill.
“After trailing lower Thursday and Friday of last week, live cattle futures are back to trading modestly higher after accomplishing a steady to $1 to $2 higher cash market last week and being fueled by a neutral/somewhat bullish Cattle on Feed Report on Friday,” reported ShayLe Stewart, DTN livestock analyst, in her midday livestock comments.
The April live cattle contract was up 37 cents to $118.77 and the June contract was up 25 cents to $118.92.
Cash trade was nonexistent today, with 75 head trading hands. On the formula side, a total of 38,600 head averaging 856 lbs. sold for $182.20. Last week, a total of 80,719 head of cash cattle sold. Live steers averaged $114.21 and dressed steers averaged $181.26.
Today’s slaughter is projected at 116,000 head, compared to last week’s number of 107,000 head (Nebraska had a plant down for scheduled maintenance last week). Slaughter for last week is estimated at 624,000 head. USDA released actual slaughter data for the first week of March and slaughter totaled 666,089 head, compared to the year prior at 660,000 head.
Boxed beef prices were higher on 83 loads, with the Choice cutout up 96 cents to $230.95 and the Select cutout up $3.10 to $223.05.
“The South may still be able to bump up their prices this week as the boxed beef market is looking like it may be ready to scale higher as demand for beef grows rapidly as spring kicks off the new season,” Stewart said.
Feeder cattle
Feeder cattle contracts were also higher. The March contract was up 40 cents to $135.07 and the April contract was unchanged at $139.42. The CME Feeder Cattle Index was reported up 23 cents to $134.26. Corn was slightly higher, up 8 cents to $5.49.
“Thankfully, towards the later part of last week both feeder cattle and calves saw an increase in demand,” Stewart noted. “If corn prices can keep trading lower, or at least hold somewhat steady, the market may be itching to climb higher, especially if the cash cattle market sees gains again this week.”
Missouri: Joplin Regional Stockyards in Carthage sold 6,000 head Monday. Compared to the prior sale, feeder steers under 600 lbs. sold steady; over 600 lbs. sold up to $5 higher. Feeder heifers sold steady to $2 higher. Benchmark steers averaging 774 lbs. sold between $134-136.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,500 head Monday. Compared to the last sale, feeder cattle and calves sold steady and demand was moderate to good. Benchmark steers averaging 769 lbs. sold between $129.50-139. — Anna Miller, WLJ managing editor
