Monday markets
The market began the week with a correction after last week’s rallies.
Live cattle futures closed lower, with the December contract down $1.62 to $192.02 and the February contract down $2.05 to $189.97.
“Traders pushed the market aggressively last week, and now seem to be struggling from some exhaustion,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was less than 1,000 head. Live steers sold for $195.50. On the formula side, a total of 31,200 head averaging 919 lbs. averaged $305.87.
“Heading into this week, new showlists appear to be lower in all three major feeding states,” Stewart said.
Cash trade through Dec. 15 totaled 77,128 head. Live steers averaged $194.21, and dressed steers averaged $303.94.
Slaughter for the day is estimated at 118,000 head, a thousand head short of a week earlier. Total slaughter for last week is projected at 609,000 head.
Boxed beef prices were higher on 104 loads. The Choice cutout gained 98 cents to close at $317.37, and the Select cutout gained $5.71 to close at $289.57.
Feeder cattle
“Last week the feeder cattle complex saw tremendous technical support early in the week, but after hitting resistance levels, the market’s momentum fizzled out,” Stewart said.
Feeder cattle futures were lower, down $2.10 to $255.55 on the January contract and down $1.30 to close at $256.37 on the March contract.
The CME Feeder Cattle Index lost 86 cents to close at $261.73.
Corn futures were higher, up 3 cents to $4.45 on the December contract and up 2 cents to $4.51 on the March contract.
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head on Monday. Compared to the previous sale, feeder steers sold from $2 lower to $8 higher. Feeder heifers sold steady to $5 lower. Benchmark steers averaging 720 lbs. sold from $258-280, averaging $272.05.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,500 head on Monday. Compared to the last sale, feeder steers sold $5-10 higher, and feeder heifers sold fully steady. Steer calves sold $8-10 higher, and heifer calves sold steady. Benchmark steers averaging 776 lbs. sold from $263-270, averaging $268.59. — Anna Miller, WLJ managing editor
