Monday markets
The market began the week on a strong note.
Live cattle futures were higher, up $1.40 to $215.65 on the April contract and up $1.35 to $209.60 on the June contract.
“The live cattle complex was able to close fully higher thanks to the added support which came from last week’s strong performance in the fed cash cattle market,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
“With new all-time highs scored again for both live cattle and dressed cattle prices, the decision seems almost effortless to push the contracts higher through Monday’s close,” Stewart added.
Cash trade for the day totaled less than 200 head. There were no market trends noted. On the formula side, a total of 29,900 head averaging 918 lbs. averaged $340.85.
Cash trade for the week ending April 20 totaled 67,218 head. Live steers averaged $211.68, and dressed steers averaged $336.61.
“Live cattle in Kansas traded for mostly $213, which is $3 higher than the previous week’s weighted average,” Stewart said. “Live cattle in Texas traded for mostly $212, which is $2 higher than the previous week’s weighted average. Northern dressed cattle traded at mostly $342 to $343, which is $5 to $6 higher than the previous week’s weighed average.”
Slaughter for Monday totaled 104,000 head, compared to 105,000 head a week earlier. Total slaughter for a week earlier is estimated at 555,000 head.
Boxed beef prices were higher on 69 loads. The Choice cutout gained $6.22 to close at $342.70, and the Select cutout gained $5.01 to close at $325.12.
Feeder cattle
Feeder cattle futures were higher, up $1.27 to $291.80 on the May contract and up 65 cents to $294.95 on the August contract.
“Although traders are seeing ample support from strong sales in the countryside, it’s likely that they could potentially hold the futures complex steady to only slightly higher until they see what cash cattle prices do later this week,” Stewart said.
The CME Feeder Cattle Index gained $2.64 to close at $289.88.
Corn futures were lower, down 3 cents to $4.75 on the May contract and down 2 cents to $4.83 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 9,000 head on Monday. Compared to the last sale, feeder steers sold $5-10 higher and feeder heifers sold steady to $15 higher. Benchmark steers averaging 764 lbs. sold from $292-325, averaging $306.63.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,900 head on Monday. Compared to a week earlier, feeder steers and steer calves sold $5-10 higher. Feeder heifers sold $7-13 higher. Heifer calves sold $5-10 higher. Benchmark steers averaging 771 lbs. sold from $286-313, averaging $302.13.
South Dakota: Sioux Falls Regional in Worthing sold 3,500 head on Monday. Compared to the previous sale, feeder steers were too limited a week earlier to offer a full comparison, but higher undertones were noted for all weights. The best comparison of heifers was those over 750 lbs., which sold $6-8 higher. — Anna Miller, WLJ managing editor
