Monday markets
“The livestock contracts closed mostly lower Monday afternoon as traders were hesitant to overly support the contracts ahead of seeing what develops fundamentally this week,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were lower, down $1.37 to $214.20 on the December contract and down $1.92 to $215.92 on the February contract.
Cash trade for the day was less than 100 head. On the formula side, a total of 30,100 head averaging 957 lbs. averaged $352.47.
Cash trade through Nov. 30 totaled 55,928 head. Live steers averaged $211.38, and dressed steers averaged $329.44.
Slaughter for the day is estimated at 115,000 head, compared to 120,000 head a week earlier. Total slaughter for the holiday-shortened week last week is estimated at 501,000 head. Actual slaughter for the week ending Nov. 15 totaled 575,759 head. Dressed steers averaged 986 lbs.
Boxed beef prices were higher on 93 loads. The Choice cutout gained $2.07 to close at $368.89, and the Select cutout gained $6.83 to close at $357.88.
“Boxed beef prices may have traded higher throughout the day, but traders still weren’t willing to advance the complex ahead of seeing what shakes out fundamentally this week,” Stewart said.
Feeder cattle
Feeder cattle futures were lower, down $2.90 on the January contract to $321.07 and down $2.32 on the March contract to $315.52.
The CME Feeder Cattle Index lost $3.20 to close at $318.76.
Corn futures were lower, down 2 cents on the December contract to $4.32 and down 2 cents on the March contract to $4.45.
“It was positive to see that feeder cattle prices in the countryside were higher, as they should be given the severe pressure the market has been under the last month, and given that the marketplace still sits with historically low supplies in the countryside,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 6,000 head on Monday. Compared to a week earlier, feeder steers and heifers sold $5-20 higher. Benchmark steers averaging 764 lbs. sold from $330-338, averaging $331.68.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,500 head on Monday. Compared to the light test a week earlier, feeder steers sold $8-15 higher and feeder heifers sold $15-25 higher. Steer and heifer calves sold $20-30 higher with instances of $40 higher. Benchmark steers averaging 760 lbs. sold from $310-335, averaging $331.96.
South Dakota: Sioux Falls Regional in Worthing sold 1,581 head on Monday. Compared to the last sale, steer and heifer calves sold with much higher undertones. The only good comparisons of yearling steers was 900-950 lbs. sold $40 higher and 1,050-1,100 lbs. sold $7 higher. Yearling feeder heifers weighing 700 lbs. sold $40 higher. — Anna Miller Fortozo, WLJ managing editor
