Monday markets
The market traded up and down over the day, ultimately closing higher.
Live cattle futures were higher, up 77 cents on the August contract to $230.90 and up 42 cents on the October contract to $224.10.
“More than anything, traders seemed willing to allow the contracts to chop sideways throughout the day but weren’t willing to extend themselves and welcome any more vulnerability,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day was inactive, with less than 100 head sold. On the formula side, a total of 30,200 head averaging 920 lbs. averaged $373.81.
Cash trade for the week ending Aug. 3 totaled 69,534 head. Live steers averaged $243.01, and dressed steers averaged $383.75.
Slaughter for the day totaled 101,000 head, compared to 108,000 head a week earlier. Total slaughter for a week earlier is projected at 535,000 head.
Boxed beef prices were higher on 109 loads. The Choice cutout gained $1.10 to close at $364.32, and the Select cutout gained $1.09 to close at $341.59.
Feeder cattle
Feeder cattle futures were higher, up 82 cents to $335.40 on the August contract and up 52 cents to $334.45 on the September contract.
The CME Feeder Cattle Index gained 88 cents to close at $335.89.
“Like the live cattle complex, feeder cattle contracts traded back and forth throughout Monday, unsure about which way the market should truly lean,” Stewart said. “But thankfully, ahead of Monday’s close, the market did indeed muster up enough support to close higher with the deferred months again seeing the biggest day-over-day gains.”
Corn futures were lower, down 2 cents to $3.87 on the September contract and down 3 cents to $4.07 on the December contract.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to a week earlier, feeder steers under 500 lbs. sold steady to $6 lower. Weights over 500 lbs. sold $4-10 higher. Feeder heifers sold from $4 lower to $10 higher. Benchmark steers averaging 777 lbs. sold from $333-350, averaging $341.61.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,200 head on Monday. Compared to the previous sale, feeder steers sold very uneven and mostly steady. Feeder steers over 800 lbs. sold $3 lower, and feeder heifers sold steady to $3 lower. Steer and heifer calves were lightly tested and sold steady to $5 lower. Benchmark steers averaging 781 lbs. sold from $334-350.50, averaging $343.55.
South Dakota: Sioux Falls Regional in Worthing sold 2,016 head on Monday. There was a narrow comparison of feeder steers and heifers compared to the last sale, but steers sold $8-10 higher and heifers sold $5-14 higher. Benchmark steers averaging 791 lbs. sold from $347-367.50, averaging $353.15. — Anna Miller Fortozo, WLJ managing editor
