Monday markets
The cattle market came back from Christmas week trading cautiously.
Live cattle futures were lower, down 92 cents on the December contract to $228.90 and down 67 cents on the February contract to $228.97.
Cash trade for the day was slight, with only about 60 head sold through the afternoon. On the formula side, a total of 33,600 head averaging 931 lbs. sold for an average of $363.97.
Slaughter for the day is estimated at 118,000 head. compared to 121,000 head a week earlier. Total slaughter for a week earlier is estimated at 429,000 head, smaller in volume than typical due to the Christmas holiday.
“Packers will be buying this week for an upcoming full slaughter week,” the Cattle Report said. “Supplies of fed cattle will remain tight but later this month the Tyson plant will close and all remaining plants will change their slaughter volumes to match beef demand.”
Boxed beef prices were mixed on 113 loads. The Choice cutout lost $1.88 to $349.33, and the Select cutout gained $1.82 to close at $345.62.
Feeder cattle
Feeder cattle futures were higher, up 82 cents on the January contract to $347 and up $1.25 on the March contract to $341.67.
The CME Feeder Cattle Index gained $6.68 to close at $356.
Corn futures were lower, down 7 cents apiece on the March and May contracts to close at $4.42 and $4.50, respectively.
Many sale barns are closed through the holidays.
Missouri: Joplin Regional Stockyards in Carthage sold 11,000 head on Monday. Compared to the last sale held two weeks earlier, feeder steers sold steady to $18 higher. Feeder heifers sold steady to $7 higher. Benchmark steers averaging 781 lbs. sold from $343-362, averaging $352.81. — Anna Miller Fortozo, WLJ managing editor
