Monday markets
Coming back from a holiday week and into another one, the market saw mixed trends on the board and limited cash trade.
Live cattle futures were mixed, up 57 cents on the December contract to $194.07 and down 35 cents on the February contract to $190.30.
“Between last week’s uptick in boxed beef prices combined with the cash cattle market’s ability to push prices $1.00 higher in both regions—traders deem that there’s plenty of support in the market to justify advancing the contracts once again,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day was light, with less than 200 head sold. On the formula side, a total of 29,600 head averaging 923 lbs. sold for an average of $310.19.
Cash trade through Dec. 29 totaled 44,027 head. Live steers averaged $194.98, and dressed steers averaged $306.94.
Slaughter for the day is estimated at 123,000 head, compared to 118,000 head a week earlier. Total slaughter for the prior week is projected at 434,000 head, lower than usual due to the Christmas holiday.
“This reduction sent shockwaves through the supply chain and boxed beef values responded by surging higher as end users scramble,” wrote Cassie Fish, market analyst, in The Beef.
Boxed beef prices were higher on 104 loads. The Choice cutout gained $2.99 to close at $325.37, and the Select cutout gained $3.63 to close at $294.76.
Feeder cattle
Feeder cattle futures were mixed, up 57 cents on the December contract to $194.07 and down 35 cents on the February contract to $190.30.
The CME Feeder Cattle Index lost $4.35 to close at $253.97.
Corn futures were slightly lower, down a penny apiece on the March and May contracts to $4.52 and $4.60, respectively.
“This week most sales barns will be closed early in the week, but some sales will hold their regular weekly offering if they’re scheduled on Thursday or Friday,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to the last sale two weeks earlier, feeder steers sold $2-6 higher and feeder heifers sold $2 lower to $6 higher during the mid-session. Benchmark steers averaging 770 lbs. sold from $253-281, averaging $265.58. — Anna Miller, WLJ managing editor
