Monday markets
Cattle futures headed lower with Mexican cattle imports set to resume at the Douglas, AZ, port of entry today.
Live cattle futures were lower, down $2.97 on the August contract to $220.07 and down $4.32 on the October contract to $213.60.
“More than anything it’s likely the complex is weaker Monday morning as the market is soberly aware of the fact that Mexican cattle imports are going to resume today at the Douglas, Arizona, port of entry,” wrote ShayLe Stewart, DTN livestock analyst. “It’s also likely that again this week fed cash cattle prices will be challenged as packers continue to hold the lion’s share of the market’s leverage at this point.”
Cash trade for the day totaled about 80 head. No market trends were noted. On the formula side, 28,600 head averaging 935 lbs. sold for an average of $366.85.
Cash trade for the week ending Aug. 23 totaled 79,292 head. Live steers averaged $224.97, and dressed steers averaged $225.29.
Slaughter through the day totaled about 98,000 head, compared to 97,000 head a week earlier. Total slaughter for a week earlier is estimated at 523,000 head, compared to 517,000 head two weeks earlier.
Boxed beef prices were mostly higher on 79 loads. The Choice cutout was unchanged at $385.69, and the Select cutout was up $3.70 to close at $365.02.
Feeder cattle
“Knowing that Mexican feeder cattle are likely walking across the border right now as we speak has the feeder cattle contracts trading anywhere from $4 to mostly $5 lower into Monday’s noon hour,” Stewart said.
Feeder cattle futures closed lower, down $1.17 on the August contract to $333.57 and down $4.80 on the September contract to $324.22.
The CME Feeder Cattle Index lost 85 cents to close at $341.
Corn futures were higher, up 7 cents on the September contract to $4.91 and up 7 cents on the December contract to $5.15.
Missouri: Joplin Regional Stockyards in Carthage sold 4,327 head on Monday. Compared to a week earlier, feeder steers under 750 lbs. sold $5-15 lower. Heavier weights sold from $5 lower to $6 higher. Feeder heifers under 700 lbs. sold $8-20 lower. Heavier weights sold $2-6 lower. Benchmark steers averaging 767 lbs. sold from $337-350, averaging $345.33.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 3,324 head on Monday. Compared to the last sale, feeder steers sold $4-10 lower, with instances of $15 lower on cattle over 900 lbs. Feeder heifers sold $2-8 lower. Steer and heifer calves sold $5-15 lower. Benchmark steers averaging 782 lbs. sold from $330-340, averaging $335.96.
South Dakota: Sioux Falls Regional in Worthing sold 2,368 head on Monday. Compared to a week earlier, feeder steers sold $5-10 lower and heifers sold steady to $5 lower. Benchmark steers averaging 801 lbs. sold from $320-332, averaging $327.83. — Anna Miller Fortozo, WLJ managing editor
