Monday markets
“The livestock complex is trading higher into midday Monday as the market continues to see strong demand,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were higher, up 47 cents on the August contract to $236.72 and up 52 cents to $231.17 on the October contract.
“Following the strong boxed beef rally that took place last week, mixed with the continued support of strong demand early again this week, traders have elected to continue to push the live cattle contracts higher,” Stewart said.
Cash trade for the day is estimated at 59 head. On the formula side, a total of 24,800 head averaging 937 lbs. averaged $382.56.
“It will be especially interesting to see how packers handle this week’s fed cash cattle market, as last week a thin movement transpired in the North, but the South didn’t see any cattle trade in Texas and just a thin movement in Kansas,” Stewart said.
Cash trade through Aug. 17 totaled 59,039 head. Live steers averaged $240.20, and dressed steers averaged $382.04.
Slaughter for the day is estimated at 100,000 head, compared to 103,000 head a week earlier. Total slaughter for a week earlier is projected at 530,000 head.
Boxed beef prices were higher on 80 loads. The Choice cutout gained $3.67 to $404.24, and the Select cutout gained $6.38 to $377.14.
Feeder cattle
Feeder cattle futures were higher, up $2.75 to $348.90 on the August contract and up $3.57 to $350.92 on the September contract.
The CME Feeder Cattle Index lost 26 cents to close at $345.75.
“Like the live cattle complex, the feeder cattle market is nearing resistance, and some traders will have to decide soon whether or not that threshold can be conquered or if prices need to soften,” Stewart said.
Corn futures were mixed, down less than a penny on the September contract to $3.83 and up a penny to $4.06 on the December contract.
Missouri: Joplin Regional Stockyards in Carthage sold 3,966 head on Monday. Compared to a week earlier, feeder steers sold $2-10 higher with heavy seven-weight steers up to $20 higher. Feeder heifers under 725 lbs. sold $2-15 higher. Heavier weights sold $3-5 lower. Benchmark steers averaging 773 lbs. sold from $351-374, averaging $365.07.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,500 head on Monday. Compared to a week earlier, feeder steers sold $2-6 higher and feeder heifers sold $5-8 higher. Steer and heifer calves sold sharply higher and with gains of up to $25. Benchmark steers averaging 783 lbs. sold from $353.75-367, averaging $358.56.
South Dakota: Sioux Falls Regional in Worthing sold 2,492 head on Monday. Compared to two weeks earlier, feeder steers under 1,000 lbs. sold $5-10 higher and over 1,000 lbs. sold $15-20 higher. Feeder heifers sold $12-20 higher in a narrow comparison. Benchmark steers averaging 772 lbs. sold from $362-377.50. — Anna Miller Fortozo, WLJ managing editor
