Monday markets
The market closed lower on the board today.
Live cattle futures closed lower, with the August contract down 65 cents to $231.10 and the October contract down 52 cents to $226.72.
Cash trade for the day totaled 530 head. Live steers sold for $235. No trends were noted for dressed steers. On the formula side, a total of 30,700 head averaging 929 lbs. averaged $370.06.
“Asking prices are not yet established, but it’s assumed that prices will be steady if not higher again this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “New showlists are mixed this week as showlists are lighter in Texas and Kansas, but larger in Nebraska and Colorado.”
Cash trade for the week ending Aug. 2 totaled 36,487 head. Live steers averaged $232.97, and dressed steers averaged $363.28.
Slaughter for the day is estimated at 90,000 head, compared to 92,000 head a week earlier. Total slaughter for last week is projected at 512,000 head.
Boxed beef prices traded mixed on 85 loads. The Choice cutout gained $5.35 to close at $366.73, and the Select cutout lost $1.78 to close at $344.45.
The 50% lean trim contract remained unchanged, with the August contract at $171 and the September contract at $161. The 90% lean beef trim contracts also remained unchanged, with the August contract at $457 and the September contract at $453.
Feeder cattle
Feeder cattle futures were lower, down 20 cents on the August contract to $347.82 and down $1.22 on the September contract to $342.55.
“A couple of the nearby contracts are trading lower, which is likely stemming from the fact that demand in the countryside has been mixed even though the board has been committed to trading higher recently,” Stewart said.
The CME Feeder Cattle Index lost $1.86 to close at $345.83.
Corn futures were higher, up 8 cents on the September contract to $4.49 and up 8 cents on the December contract to $4.72.
Iowa: Russell Livestock in Russell sold 823 head on Monday. There was no market comparison as it was the first sale held in three weeks. Benchmark steers averaging 758 lbs. sold from $368-388.75, averaging $381.90.
Missouri: Joplin Regional Stockyards in Carthage sold 3,647 head on Monday. Compared to a week earlier, feeder steers sold $10-25 higher with the most gain seen on five-weights. Feeder heifers sold steady to $20 higher with the most gain on weights over 600 lbs. Benchmark steers averaging 778 lbs. sold from $348-365, averaging $356.14.
Oklahoma: National Stockyards in Oklahoma City sold 2,662 head on Monday. Compared to a week earlier, feeder steers were lightly tested and few cattle sold $5-10 higher. Feeder heifers sold $5-15 higher. Steer calves sold unevenly steady, and heifer calves sold $10-15 higher. Benchmark steers averaging 778 lbs. sold from $343-356, averaging $348.67.
South Dakota: Sioux Falls Regional in Worthing sold 2,252 head on Monday. As the first feeder cattle sale in three weeks, there were no recent price comparisons available. Benchmark steers averaging 784 lbs. sold from $367.50-370, averaging $369.48. — Anna Miller Fortozo, WLJ managing editor
