Monday markets
Spurred higher by Friday’s Cattle on Feed report, futures found support on the board, with feeder contracts nearing $5 gains.
Live cattle futures were higher, up $1.07 to $198.90 on the February contract and up $1.15 to $195.10 on the April contract.
“It would be putting the cart before the horse to say that a bottom has been found for the market’s current move and that traders will now actively work to advance the market—but if good effort on their behalf is shown this week—then maybe, just maybe, the market may think of changing its trend from lower to higher once again,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day is estimated at about 400 head. On the formula side, a total of 36,200 head averaging 912 lbs. averaged $327.46.
Cash trade through Feb. 23 totaled 48,723 head. Live steers averaged $199.65, and dressed steers averaged $315.18.
Slaughter for the day is estimated at 95,000 head, on pace with a week earlier. Total slaughter for a week earlier is projected at 563,000 head.
Boxed beef prices were higher on 85 loads. The Choice cutout gained $2.96 to $313.73, and the Select cutout gained $1.41 to close at $303.97.
Feeder cattle
Feeder cattle futures were several dollars higher. The March contract gained $4.35 to $272.30, and the April contract gained $4.47 to $272.02.
“I also believe that traders are again willing to look at the buyer demand in the countryside and pay it its respect as even though over the last month the market’s technical have suffered, all in all, buyer demand has remained incredibly strong and with every day that the market gets closer to green grass, feeder cattle and calves are only likely to get more expensive,” Stewart said.
The CME Feeder Cattle Index gained 3 cents to close at $278.84.
Corn futures were lower, down 8 cents apiece on the March and May contracts to $4.82 and $4.97, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 4,500 head on Monday. Compared to a week earlier, feeder steers and heifers sold $2-10 higher. Benchmark steers averaging 731 lbs. sold from $276-280, averaging $279.12.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,500 head on Monday. Compared to the last full test two weeks earlier, feeder steers sold steady to $3 higher and feeder heifers sold mostly steady to $2 higher. Steer calves sold $3-8 higher, and stocker steers sold $10-15 higher. Stocker heifers and heifer calves sold $10-20 higher. Benchmark steers averaging 723 lbs. sold from $275-295.50, averaging $285.04. — Anna Miller, WLJ managing editor
