Monday markets
Cattle futures closed mixed as the market saw support from last week’s astounding cash trade volume.
Live cattle futures closed higher, with the August contract up $1.57 to $233.27 and the October contract $1.62 higher to $226.90.
Cash trade was minimal, with only 32 head sold. On the formula side, 24,500 head averaging 945 lbs. sold for an average of $374.01.
Cash trade for the week ending Aug. 9 was 104,609 head. Live steers averaged $235.28, and dressed steers averaged $371.11.
“Last week, packers purchased 104,609 head in the negotiated cash cattle market, the most of any one week during 2026,” wrote Cassie Fish, market analyst, in The Beef. “A huge transfer of ownership from cattle feeder to packer occurred at an average live steer price of $235.21/cwt, $5 higher than the recent low and $27 below the all-time high reached in May.”
Today’s slaughter is estimated to be 96,000 head, 6,000 head above last week. Last week’s slaughter is projected to be 509,000 head, down 3,000 from the prior week. Total beef production under federal inspection for the week ending Aug. 8 was 451 million lbs., down 0.5% from the prior week.
“Market-ready fed cattle supplies are finally increasing in earnest and packer margins have normalized in the last few weeks,” Fish continued. “To get their inventory reloaded, packers cut production levels to the quick—509k last week and 512k the week prior—both historically low. Last week’s cash cattle purchase was comprised of 88k cattle to deliver in the 1-14 day window and only 17k head with time. Look for slaughter to increase this week and next.”
Boxed beef prices were mixed on 69 loads, with the Choice cutout up $7.06 to $371.42 and the Select cutout down $1.53 to $350.84.
The lean beef trim contracts were lower over the day. The 50% lean trim August contract was down $2 to $169, and the September contract was $2 lower to $159. The 90% lean beef trim August contract was down $8 to $449, and the September contract lost $8 to close at $442.
Feeder cattle
Feeder cattle futures closed slightly lower, with the August contract down 90 cents to $350.75 and the September contract 65 cents lower to $344.57.
The CME Feeder Cattle Index was up $4.43 to $357.36.
Corn futures closed lower, with the September and December contracts down a fraction to $4.38 and $4.61, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 3,680 head on Monday. Compared to the last auction, feeder steers sold steady to $8 lower, except four-weight steers, which sold $7-12 higher. Feeder heifers under 750 lbs. sold from $2 higher to $10 lower, except over 750 lbs., which sold $5-7 higher. Benchmark steers averaging 715 lbs. sold from $365-382.50, averaging $378.33.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 2,800 head on Monday. Compared to the last auction, feeder cattle and calves were not well tested in opening rounds. Numbers continue to be very limited. Benchmark steers averaging 789 lbs. sold from $354-364, averaging $358.85. — Charles Wallace, WLJ contributing editor
