Monday markets
“It was a successful day for the live cattle complex as the market not only closed higher thanks to the added support of last Friday’s bullish Cattle on Feed report, but the market also saw the positive uptick in boxed beef prices, which lent that much more support to the market as well,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were higher. The December contract gained 32 cents to close at $230.72, and the February contract gained 62 cents to close at $231.42.
Cash trade for the day was light, with about 40 head sold.
On the formula side, a total of 27,900 head averaging 944 lbs. averaged $363.49.
Cash trade for the week ending Dec. 21 totaled 34,798 head. Live steers averaged $228.98, and dressed steers averaged $356.87.
Slaughter for the day was 121,000 head, compared to 110,000 head a week earlier. Total slaughter for a week earlier is estimated at 587,000 head.
“This week’s slaughter will be reduced because of the holiday landing mid-week, estimates in an extra-wide range of 420k to 480k head. Last year’s Christmas week slaughter was 433k and it seems unlikely this year will exceed it,” wrote Cassie Fish, market analyst, in The Beef.
Boxed beef prices were higher on 68 loads. The Choice cutout gained $1.24 to close at $362.87, and the Select cutout gained $4.67 to close at $350.69.
Feeder cattle
Feeder cattle futures were slightly higher. The January contract gained 90 cents to close at $346.50, and the March contract gained $1.10 to close at $340.50.
The CME Feeder Cattle Index gained $1.13 to close at $351.18.
Corn futures were higher, up 3 cents on the March contract to $4.47 and up 3 cents on the May contract to $4.54.
Most sale barns are closed through the New Year’s Day holiday.
South Dakota: Sioux Falls Regional in Worthing sold 3,205 head on Monday. Compared to a week earlier, steer calves under 700 lbs. sold $20-40 higher and over 700 lbs. sold steady to $4 higher. Heifer calves under 600 lbs. sold $20-40 higher, and over 600 lbs. sold $5-12 higher. Yearling feeder steers sold $3-7 higher, and yearling heifers sold steady to $5 higher. Benchmark steers averaging 757 lbs. sold from $375-382, averaging $376.90. — Anna Miller Fortozo, WLJ managing editor
