Monday markets
The cattle markets started the week off in the right direction, and the hope is they continue to head that way. Live and feeder cattle were both higher, and the corn contract was lower.
“If this week’s trade can pan out to be as strong as last week’s market, it will be a stellar accomplishment as last week’s trade substantially helped the entire livestock sector,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
“Last week’s live cattle/fat cattle market was exactly what the doctor called for! Seeing that packers committed 64 percent of last week’s procured cattle for delivery in the next two weeks tells me they need cattle and will most likely be willing to pay more if boxed beef prices keep trending higher,” she said.
Live cattle contracts were in the green today. The April contract was 87 cents higher to $120.97 and the June contract was 87 cents higher to $122.65.
Cash trade was nonexistent. Last week, cash trade totaled 99,682 head. Live steers averaged $115.61 and dressed steers averaged $184.89. A total of 35,000 head of formula cattle averaging 841 lbs. sold for $182.47 today.
Boxed beef prices continue to climb: The Choice cutout was up $1.87 to $239.53 and the Select cutout was up $4.73 to $232.50 on 96 loads.
Today’s slaughter is estimated at 119,000 head, right on trend with last year and a few thousand head above last week. Last week’s slaughter is projected at 646,000 head. USDA released actual slaughter for the week ending March 13, which totaled 648,539 head.
Feeder cattle
Feeder cattle contracts were also in the green today. The April contract was up $1.95 to $147.07 and the May contract was up $2.32 to $152.20. CME reported its Feeder Cattle Index up $2.10 to $138.85. The May corn contract lost about 6 cents, closing at $5.46.
“With every week that passes, backgrounders are that much closer to grass, which is most likely going to fuel their buying, especially if the countryside can get some much-needed moisture,” Stewart commented.
Missouri: Joplin Regional Stockyards in Carthage sold 6,000 head Monday. Compared to the prior sale, feeder steers and heifers sold $3-7 higher. Benchmark steers averaging 785 lbs. sold between $135.50-141.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,500 head Monday. Compared to the last sale, feeder steers sold $2-4 higher; stocker steers sold up to $10 higher; steer calves sold $3-7 higher. Feeder heifers sold steady to $3 higher; heifer calves over 500 lbs. sold steady; heifer calves under 500 lbs. sold $4-10 higher. Benchmark steers averaging 772 lbs. sold between $132-144.25.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 2,300 head Monday. Compared to the week prior, feeder steers and heifers sold steady to $3 higher, with instances of $7 higher on 650-700-lb. heifers. Benchmark steers averaging 779 lbs. sold between $135.25-147. — Anna Miller, WLJ managing editor
