Monday markets
The market continued its downward direction following last week’s weakness.
“Five days in, there remain multiple unknown business implications related to wide-scale tariffs levied on most of globe on April 2 by the Trump administration,” wrote Cassie Fish, market analyst, in The Beef. “This continued uncertainty is sending managed funds and other traders to the door, as they exit the market in this volatile, dramatic trade.”
Live cattle futures continued their descent lower from Friday. The April contract lost $3.70 to close at $198.92, and the June contract lost $4.02 to close at $194.17.
Cash trade for the day was light, with less than 700 head sold. There was no market trend noted. On the formula side, a total of 34,900 head averaging 909 lbs. averaged $337.70.
“Expectations for this week’s cash cattle market are lower,” Fish said. “A $3 to $4/cwt lower cash trade was rumored to have occurred this morning.”
Cash trade for the week ending April 6 totaled 73,119 head. Live steers averaged $211.15, and dressed steers averaged $336.38.
Slaughter for the day is estimated at 108,000 head, compared to 104,000 head a week earlier. Total slaughter for a week earlier is projected at 591,000 head.
Boxed beef prices were higher on 91 loads. The Choice cutout gained $1.05 to close at $339.50, and the Select cutout gained $2.12 to close at $319.30.
Feeder cattle
Feeder cattle futures also closed lower, down $1.60 to $277.82 on the April contract and down $3.60 to $271.27 on the May contract.
“The main focus across all markets, including feeder cattle, are trade tariff levels and potential implications to the economy,” DTN said in its midday comments. “It is way too early to determine what short- or long-term impact any of this will have on cattle markets and cattle prices, but traders are taking protection if there is no other information available to trade at this point.”
The CME Feeder Cattle Index gained 2 cents to close at $291.95.
Corn futures were higher, up 4 cents to $4.64 on the May contract and up 3 cents to $4.70 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 3,257 head on Monday. Compared to a week earlier, feeder steers under 530 lbs. sold $10-25 lower, with 530-725 lbs. selling $10-15 lower. Steers over 725 lbs. sold $2-4 lower. Feeder heifers under 525 lbs. sold $15-30 lower, with heavier weight selling $5-15 lower.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 1,589 head on Monday. Compared to the previous sale, feeder steers sold $5-10 lower, steer calves over 500 lbs. sold $15 lower and steer calves under 500 lbs. sold unevenly steady. Feeder heifers sold $12-15 lower, and heifer calves sold $20-25 lower. Benchmark steers averaging 773 lbs. sold from $259-280, averaging $270.90.
South Dakota: Sioux Falls Regional in Worthing sold 2,703 head on Monday. Compared to a week earlier, the best comparison was on steers 850-950 lbs., which sold $2-5 higher. Other weights of steers and all weights of heifers sold with lower undertones. Benchmark steers averaging 768 lbs. sold from $292.50-307, averaging $299.27. — Anna Miller, WLJ managing editor
