Monday markets
Cattle futures traded mixed on the board, while some cash trade took place this morning after light volumes last week.
Live cattle futures were lower, down $1.12 on the April contract to $250.65 and down 67 cents on the June contract to $248.52.
Cash trade for the day totaled about 600 head. Live steers sold from $247-248. A market trend was not noted for dressed steers.
“More than anything following last week’s light cash cattle trade, traders are curious what’s going to happen in this week’s fed cash cattle market,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the week ending April 12 totaled 39,991 head. Live steers averaged $248.52, and dressed steers averaged $388.44.
Slaughter for the day is estimated at 107,000 head, compared to 98,000 head a week earlier. Total slaughter for a week earlier is projected at 512,000 head.
Boxed beef prices were higher on 70 loads. The Choice cutout gained $1.02 to close at $381.92, and the Select cutout gained $2.30 to close at $383.64.
Feeder cattle
Feeder cattle futures were higher, up 32 cents on the April contract to $374.47 and up 47 cents on the May contract to $372.82.
“The live cattle complex may have closed in a cautious manner, but the feeder cattle complex traded full-speed-ahead higher, as demand for feeder cattle is red hot right now in the countryside,” Stewart said.
The CME Feeder Cattle Index gained $2.57 to close at $366.67.
Corn futures were lower, down less than a penny apiece on the May and July contracts to close at $4.40 and $4.51, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, at the open, feeder steers sold $10-15 lower. Feeder heifers sold steady to $10 lower. Benchmark steers averaging 764 lbs. sold from $375-390, averaging $386.77.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers sold steady to $5 higher and feeder heifers sold $10-15 higher. Steer and heifer calves sold mostly steady, except 500-600-lb. heifer calves sold up to $25 higher. Benchmark steers averaging 769 lbs. sold from $369-388, averaging $385.30. — Anna Miller Fortozo, WLJ managing editor
