Monday markets
Futures rallied through the morning with strong gains but scaled back over the day after searching for stronger direction.
Live cattle futures ultimately closed higher, with the December contract up 42 cents to $187.80 and the February contract up 85 cents to $187.02.
“Cash cattle markets remain rather quiet this afternoon as it is shaping up to be a typical Monday,” read the DTN closing comments. “Bids and asking prices are not established, and significant trade volume will likely be delayed until much later in the week.”
USDA did not release the afternoon trade report by WLJ press time.
Cash trade through Dec. 8 totaled 75,080 head. Live steers averaged $190.95, and dressed steers averaged $297.64.
Slaughter for the day is estimated at 119,000 head, compared to 117,000 head a week earlier. Total slaughter for last week is projected at 614,000 head.
Boxed beef prices were higher on 78 loads. The Choice cutout gained $2.10 to close at $314.14, and the Select cutout gained $2.61 to close at $279.34.
Feeder cattle
Feeder cattle futures were mixed, with the January contract down 2 cents to $255.80 and the March contract up 52 cents to $255.20.
“The continued support seen across the complex since the middle of November is not only holding prices well above both 40 and 100-day moving averages, but the potential to test summer highs before the end of the year could stimulate additional speculative buying support heading into the holidays,” DTN said.
The CME Feeder Cattle Index gained 42 cents to close at $262.25.
Corn futures were higher, with the December contract up 3 cents to $4.34 and the March contract up a penny to $4.41.
Missouri: Joplin Regional Stockyards in Carthage sold 13,500 head on Monday. Compared to a week earlier, feeder steers sold from $5 lower to $8 higher. Feeder heifers sold from $3 lower to $5 higher. Benchmark steers averaging 788 lbs. sold from $264-265, averaging $264.40. — Anna Miller, WLJ managing editor
