Monday markets
Futures started the week off with some moderate losses, boxed beef prices saw some gains and cash trade was yet to develop so early in the week.
Live cattle futures were lower, down 5 cents to $209.77 on the April contract and down 32 cents to $203.75 on the June contract.
“One could point to last Friday’s Cattle on Feed report for something to blame, but I also think traders are closely monitoring the equity markets and aren’t going to trade too oppositely of what they’re doing,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day totaled less than 300 head. There were no market trends reported. On the formula side, a total of 38,700 head averaging 914 lbs. averaged $327.59.
“And while this may be the market’s direction currently, I personally find the bullish push in last week’s fed cash cattle market amid higher prices already this morning for boxed beef to be an equally compelling argument as to why the market should trade higher,” Stewart said.
Cash trade for the week ending April 20 totaled 67,218 head. Live steers averaged $211.68, and dressed steers averaged $336.61.
Slaughter for the day is estimated at 100,000 head, compared to 112,000 a week earlier. Total slaughter for a week earlier is expected at 567,000 head.
Boxed beef prices were higher on 75 loads. The Choice cutout gained $2 to close at $333.52, and the Select cutout gained $3.22 to close at $318.77.
Feeder cattle
Feeder cattle futures were lower, down $1.32 to $285.52 on the April contract and down $1.72 to $289.15 on the May contract.
The CME Feeder Cattle Index gained $5.54 to close at $293.57.
Corn futures were down less than a penny apiece on the May and July contracts, closing at $4.81 and $4.90, respectively.
“Last week, sale barns saw incredible demand,” Stewart said. “It will be interesting to see if sales are met with the same kind of demand this week.”
Missouri: Joplin Regional Stockyards in Carthage sold 4,874 head on Monday. Compared to the previous sale, feeder steers sold from $5 lower to $10 higher. Feeder heifers sold from $5-20 higher. Benchmark steers averaging 772 lbs. sold from $287-295, averaging $291.73.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 1,582 head. Compared to a week earlier, feeders and calves sold unevenly steady. Receipts were lighter due to rain. Benchmark steers averaging 771 lbs. sold from $281-296, averaging $286.80.
South Dakota: Sioux Falls Regional in Worthing sold 1,321 head on Monday. Most weights were too lightly tested, but feeder steers over 850 lbs. sold $1-2 higher. Feeder heifers 700-800 lbs. sold $7-10 higher, 850-900 lbs. sold $4 higher and other weights were not well compared. A group of benchmark steers averaging 789 lbs. averaged $291. — Anna Miller, WLJ managing editor
