Monday markets
The cattle market managed a modest turnaround from Friday’s tumultuous close.
Live cattle futures were higher. The August contract gained 52 cents to close at $233.07, and the October contract gained 12 cents to close at $226.10.
“Following Friday’s tumultuous trade, the live cattle complex has scurried back and forth, unsure of what it’s supposed to do next,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day is estimated at 36 head. There were no market trends reported for live or dressed cattle. On the formula side, a total of 26,500 head averaging 913 lbs. averaged $382.48.
Total cash trade for the week ending Aug. 10 was 55,791 head. Live steers sold from $233-245, and dressed steers sold from $374-385.
Slaughter for the day is estimated at 103,000 head, compared to 101,000 head a week earlier. Total slaughter for a week earlier is estimated at 536,000 head.
Boxed beef prices were higher on 85 loads. The Choice cutout gained $2.68 to $381.52, and the Select cutout gained $4.52 to $359.61.
Feeder cattle
Feeder cattle futures were higher. The August contract gained 82 cents to close at $340.22, and the September contract gained 22 cents to close at $340.60.
The CME Feeder Cattle Index gained 24 cents to close at $337.21.
“It wouldn’t be surprising to see demand slightly softer in the countryside early this week, as buyers would gladly see prices soften given the record highs at which they’ve currently been,” Stewart said.
Corn futures were higher, up 2 cents to $3.85 on the September contract and up 2 cents to $4.07 on the December contract.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to the previous sale, feeder steers sold steady to $12 higher and feeder heifers sold steady to $8 higher. Benchmark steers averaging 771 lbs. sold from $336-348, averaging $343.58.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,600 head on Monday. Compared to a week earlier, feeder steers sold $10-15 higher, except over 800 lbs. sold mostly steady to $3 lower. Feeder heifers sold $5-10 higher. Steer calves sold steady to $4 higher, and heifer calves under 500 lbs. sold $4-8 lower while over 500 lbs. sold $5 higher. Benchmark steers averaging 764 lbs. sold from $339-363, averaging $358.02. — Anna Miller Fortozo, WLJ managing editor
