Tuesday markets
Cattle markets were higher today—fitting for National Ag Day.
The April live cattle contract was up 35 cents to $119.12 and the June contract up $1.12 to $120.05.
“It is still quiet throughout cattle country and, with boxed beef prices taking a healthy run at higher prices, feedlots are feeling more and more empowered to price their cattle higher,” commented ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade was inactive again, with only 185 head trading hands. On the formula side, a total of 15,000 head averaging 853 lbs. sold for $183.15.
Slaughter for the day is estimated at 117,000 head, compared to last week’s number of 121,000 head and last year’s number of 125,000 head.
Boxed beef prices were higher, continuing to trend upward with the new spring season. The Choice cutout was up $3.04 to $233.99 and the Select cutout up $2.18 to $225.23 on 143 loads.
Feeder cattle
“Early in the day, the feeder cattle contracts were taking the rally of the corn market more bearishly,” Stewart said. “But with the higher trade seen throughout the live cattle market, the complex has since traded modestly higher, but is keeping a close eye on the corn market and its momentum.”
The March contract was 37 cents higher to $135.45 and the April contract 32 cents higher to $139.75. Corn gained 2 cents, bringing the May contract up to $5.51. The CME Feeder Cattle Index was up 38 cents to $134.64.
New Mexico: Roswell Livestock Auction in Roswell sold 1,134 head Tuesday. Compared to a week earlier, steer and heifer calves and feeders sold mostly $2-4 higher. Benchmark steers averaging 755 lbs. sold between $125-127.50.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 2,738 head Monday. Compared to two weeks prior, feeder steers sold $2-5 higher, except 600-650 lbs. sold $6-9 higher, and over 1,000 lbs. sold with higher undertones. Feeder heifers sold steady to $3 higher, except 600-650 lbs. sold $4-5 higher. Benchmark steers averaging 780 lbs. sold between $142-146.50. — Anna Miller, WLJ managing editor
