Monday markets
“A spark of interest has found the live cattle contracts and is leading the complex mildly higher into Monday’s afternoon trade,” remarked ShayLe Stewart, DTN livestock analyst in her midday comments.
April live cattle contracts were up 32 cents to $119.35 and June live cattle were up $1.15 to $110.15.
Cash trade last week was dismal; only a total of 79,593 head traded throughout the week. Live steers traded under the $114 mark at $113.48 and dressed steers sold for $179.86.
Cash trade was undeveloped today, with only 78 head selling. On the formula side, a total of 24,700 head averaging 861 lbs. sold for $182.06.
“Feedlots are sick of steady to weaker trade and hope that with spring nearing that they will be able to finally regain some leverage in this week’s cash cattle market,” Stewart said. “It’s too early in the week for trade to develop but feedlots are expected to price their pens higher again this week.”
Slaughter for the day is estimated at 121,000 head, a thousand head more than last week but 2,000 head short of last year. Last week’s total slaughter is projected at 665,000 head. USDA has released actual slaughter data for the week ending Feb. 20, which totaled 549,000 head.
Boxed beef prices were mixed: The Choice cutout was down 25 cents to $231.08 and the Select cutout was up $2.28 to $223.13.
Feeder cattle
Feeder cattle contracts were also in the green today: The March contract was up 75 cents to $135.35 and the April contract was up 65 cents to $139.67. The CME Feeder Cattle Index was reported down 93 cents to $133.92. The corn contract was also reported higher, with the March contract up 3 cents to $5.65.
“If the weather continues to hold and resemble spring-like temperatures, calf buyers could continue to support the market as many are hopeful to get grass calves bought,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head Monday. Compared to the last sale, feeder steers sold $2-4 higher, and feeder heifers sold steady. Benchmark steers averaging 767 lbs. sold between $134-138.25.
Oklahoma: The Oklahoma National Stockyards in Oklahoma City sold 14,300 head Monday. Compared to the week prior, feeder cattle and calves sold mostly steady. Stocker cattle or cattle suitable for grass sold $5-8 higher. Demand was good for all classes. Benchmark steers averaging 759 lbs. sold between $133-137. — Anna Miller, WLJ editor
