Monday markets
The market opened the week with light cash trade, and unsteady futures likely influenced by recent headlines.
Live cattle futures closed mixed, with the August contract up 92 cents to $224.55 and the October contract down 10 cents to $218.77.
Cash trade for the day totaled about 40 head. No trends were noted. On the formula side, a total of 26,900 head averaging 956 lbs. sold for an average of $374.88.
“The cash cattle market remains quiet at Monday’s noon hour as no bids or asking prices have surfaced,” wrote ShayLe Stewart, DTN livestock analyst. “New showlists for the week are mostly steady in Texas and Nebraska, but higher in Kansas.”
Cash trade for the week ending Aug. 16 totaled 50,576 head. Live steers averaged $228.04, and dressed steers averaged $364.92.
Slaughter through the day is estimated at 97,000 head, compared to 96,000 head a week earlier. Total slaughter for a week earlier is projected at 517,000 head, compared to 509,00 head two weeks ago.
Boxed beef prices closed higher on 81 loads. The Choice cutout gained $4.27 to close at $379.57, and the Select cutout gained $13.02 to close at $364.26.
The lean beef trim contracts saw no change. The 50% lean trim August contract was unchanged at $161, and the September contract was also unchanged at $151. The 90% lean beef trim August contract was unchanged at $449, and the September contract was also unchanged at $445.
Feeder cattle
Feeder cattle futures closed lower, down 85 cents on the August contract to $339.97 and the September contract down $1.60 to $332.95.
“More than likely the feeder cattle contracts are trading lower as traders simply aren’t confident about the market’s nearby future as the midterm elections are nearing, the border is set to begin to allow imports from Mexico starting next Monday, and headline news like what Tyson Foods shared last week (that they’re closing two more beef plants and intend to sell another) continue to wreak havoc on the market’s stability,” Stewart said.
The CME Feeder Cattle Index lost $3.43 to close at $348.50.
Corn futures closed higher, up 6 cents to $4.65 on the September contract and up 6 cents on the December contract to $4.89.
Missouri: Joplin Regional Stockyards in Carthage sold 4,043 head on Monday. Compared to a week earlier, feeder steers sold steady to $10 lower and feeder heifers sold $2-12 lower. Benchmark steers averaging 768 lbs. sold from $334-355, averaging $345.85.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 2,921 head on Monday. Compared to a week earlier, feeder steers and heifers sold $5-15 lower. Steer and heifer calves sold $10-20 lower. Benchmark steers averaging 769 lbs. sold from $340-359, averaging $348.85.
South Dakota: 769 340.00-359.00 348.8Sioux Falls Regional in Worthing sold 3,173 head on Monday. Compared to two weeks earlier, feeder steers over 900 lbs. sold $5-10 lower and feeder heifers sold $10-20 lower. Benchmark steers averaging 736 lbs. sold for $353. — Anna Miller Fortozo, WLJ managing editor
