Monday markets
There was optimism in the cattle markets coming back from the Easter holiday.
Live cattle futures closed higher, up $1.82 on the April contract to $248.02 and up 70 cents to $247.02 on the June contract.
Cash trade for the day totaled about 120 head. No market trends were noted. On the formula side, a total of 20,100 head averaging 952 lbs. averaged $381.21.
Cash trade for the week ending April 5 totaled 80,703 head. Live steers averaged $245, and dressed steers averaged $384.48.
“Packers purchased nearly 81k cattle $8 to $12/cwt higher than the prior week, regaining nearly all of the market loss seen in March in one fell swoop,” wrote Cassie Fish, market analyst, in The Beef. “There are few, if any, dramatic jumps in the cash market to rival last week’s result. Only 13.6k head of the 81k were bought with time.”
Slaughter for the day is estimated at 101,000 head, compared to 109,000 head last week. Total slaughter for last week is predicted at 533,000 head.
Boxed beef prices were higher on 76 loads. The Choice cutout gained 26 cents to close at $388.04, and the Select cutout gained $2.18 to close at $388.37.
“It is post-Easter and intentions are to increase production schedules over the next 3 months as the market heads into a strong seasonal demand period,” Fish said. “And now that the strike is over at the Greeley, Colorado JBS plant, slaughter is expected to increase as well as production there comes back online this week.”
Feeder cattle
Feeder cattle futures closed lower, down 87 cents to $372.02 on the April contract and down 27 cents on the May contract to $370.35.
“The upward surge has caused traders to take a breather over the holiday weekend, allowing for some market positioning and profit-taking to develop in early week trade,” DTN wrote.
The CME Feeder Cattle Index gained 78 cents to close at $367.59.
Corn futures closed modestly higher, up a penny on the May contract to $4.54 and up 2 pennies on the July contract to $4.65.
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head on Monday. Compared to a week earlier, feeder steers sold $5-20 higher and feeder heifers sold steady. Benchmark steers averaging 781 lbs. sold from $368-396, averaging $386.46.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 2,733 head on Monday. Compared to the previous sale, all classes were lightly tested following the Easter holiday. Feeder steers and heifers sold steady to $4 higher. Steer calves sold mostly steady, and heifer calves sold $2-5 higher. Benchmark steers averaging 782 lbs. sold from $364-386, averaging $372.47.
South Dakota: Sioux Falls Regional in Worthing sold 2,609 head on Monday. Compared to a week earlier, feeder steers sold mostly $10 higher, except 850-1,000 lbs. sold steady. Feeder heifers sold steady to $5 higher, except 700-750 lbs. and 800-850 lbs. sold $10 higher. Benchmark steers averaging 763 lbs. sold from $390-393, averaging $391.22. — Anna Miller Fortozo, WLJ managing editor
