Monday markets
Cattle markets were able to rally today as corn prices experienced declines.
Live cattle futures saw some positive movement, with the June contract up $2.20 to $118.22 and the August contract up $1.50 to $120.35.
Cash trade was limited today, with only 806 head selling for $120. Cash trade through last week totaled 83,883 head, with live steers averaging $118.39 and dressed steers averaging $188.56.
On the formula side, a total of 40,300 head averaging 855 lbs. sold for $190.05.
Slaughter total is estimated at 119,000 head, several thousand head higher than the same time last week. Last week’s total slaughter is projected at 638,000 head, a few thousand head down from the week prior. Total slaughter for the same week in 2020 was down all the way to 476,000 head. Actual slaughter data from USDA for the week ending April 24 totaled 665,029 head.
Boxed beef prices are continuing their ascent higher, with the Choice cutout up $3.23 to $309.11 and the Select cutout up $3.49 to $293.76 on 71 loads.
“With rewarding boxed beef prices and consumer demand that seems to be relentless, packers should be willing to dive into the cash cattle market, but feedlots know that, unfortunately with packers’ forward boughten supplies, their eagerness will still be minute,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
Feeder cattle
Corn contracts lost about a quarter today, but are still sitting high with the May contract at $7.48. Feeders were able to capitalize on the lost momentum, and were several dollars higher. May futures were up $3.72 to $135.45 and August futures were up $4.42 to $148.70. The CME Feeder Cattle Index lost 61 cents to $130.15.
“Looking at the countryside this week, the market doesn’t expect to see a large number of calves and feeder cattle trade as most of the yearlings have already been worked through and there are a couple of weeks still to pass before producers begin to test this year’s feeder cattle market,” Stewart commented.
Missouri: Joplin Regional Stockyards in Carthage sold 4,000 head Monday. Compared to the last sale, feeder steers and heifers sold steady with heavier weights $2 higher. A group of steers averaging 575 lbs. sold between $163-165.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,500 head Monday. Compared to the week prior, feeder steers sold steady and feeder heifers sold steady to $2 higher. Steer calves sold $2-4 higher and heifer calves sold steady. Benchmark steers averaging 768 lbs. sold between $131-147.25.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,680 head Monday. Compared to the last sale, feeder steers 750-800 lbs. sold steady to $2 lower; 900-950 lbs. sold steady to $1 higher; feeder heifers 700-750 lbs. sold $2-5 higher; 800-850 lbs. sold $2-4 lower. — Anna Miller, WLJ managing editor
