Monday markets
Coming back from a holiday week, the cattle market traded lower.
Live cattle futures were lower, down 45 cents to $187.52 on the December contract and down 70 cents to $187.92 on the February contract.
Cash trade for the day was limited, with less than 300 head sold. On the formula side, a total of 44,800 head averaging 904 lbs. sold for an average of $300.64.
“It’s evident that packers were short bought heading into last week’s market, and although they did commit most of last week’s purchases to the nearby delivery, this week’s cash cattle trade may still be well supported if packers are still short bought,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “Time will tell and it’s unlikely that trade will develop before Thursday or Friday.”
Cash trade for the week ending Dec. 1 totaled 79,753 head. Live steers averaged $189.99, and dressed steers averaged $297.40.
Slaughter for the day is estimated at 117,000 head compared to 120,000 head a week earlier. Total slaughter for a week earlier is projected at 528,000 head due to the holiday-shortened week. Actual slaughter for the week ending Nov. 29 totaled 608,810 head.
Boxed beef prices were higher on 80 loads. The Choice cutout gained $2.49 to close at $313.01, and the Select cutout gained $2.70 to close at $277.
Feeder cattle
Feeder cattle closed lower, down $2.62 to $256.85 on the January contract and down $3.07 to $255.55 on the March contract.
“Given that the contracts began to pressure the summertime highs reached just a couple of months ago, it’s not all that bewildering to see some correction taking place early this week,” Stewart said.
The CME Feeder Cattle Index gained $2.81 to close at $257.13.
Corn futures were mixed, up a penny to $4.24 on the December contract and down less than a penny to $4.32 on the March contract.
Missouri: Joplin Regional Stockyards in Carthage sold 9,500 head on Monday. Compared to a week earlier, feeder steers under 650 lbs. sold $5-30 higher at the mid-session. Feeder heifers under 500 lbs. sold $10-20 higher. Benchmark steers averaging 776 lbs. sold from $256-265, averaging $256.36.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,000 head on Monday. At the mid-session, feeder steers and heifers sold steady to $2 higher, except 700-800 lbs. sold $10 higher. Steer and heifer calves sold $5-10 higher with instances of up to $15 higher. Benchmark steers averaging 786 lbs. sold for $267.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 2,981 head on Monday. Compared to a week earlier, steer calves sold $7-10 higher and heifer calves sold $10 higher. There were no comparisons for yearling steers and heifers. Benchmark steers averaging 726 lbs. sold from $260-282, averaging $277.30. — Anna Miller, WLJ managing editor
