Monday markets
Cattle futures traded on both sides of steady before closing higher, as live cattle saw follow-through buying and feeder cattle futures were steady.
Live cattle futures were higher, with the February contract up $1.55 to $239.30 and the April contract 95 cents higher to close at $238.20.
Cash trade was light, with just 68 head sold—not enough for a market trend.
On the formula side, 21,000 head averaging 949 lbs. sold for an average of $385.53.
Cash trade for the week ending Feb. 8 was 62,602 head. Live steers sold for an average of $241.13, and dressed steers averaged $377.97.
Today’s slaughter is estimated to be 107,000 head, 1,000 head below the prior week. Total slaughter for the week earlier is projected at 536,000 head. Total beef production under federal inspection for the week ending Feb. 7 was 477.5 million lbs., up 1.1% from the previous week.
“This past week’s slaughter of 536,000 head was up 8,000 from the previous week’s slaughter volume, but 47,000 under last year,” the Cattle Report wrote. “Box prices ended the week with good demand. Grading of cattle above the choice grade topped all-time records. The slaughter is likely to remain near the current range for the coming weeks as packers adjust to the plant closing and new adjusted slaughter rates in the remaining plants.”
Boxed beef prices were mixed on 68 loads, with the Choice cutout $1.57 lower to $367.76 and the Select cutout 82 cents higher to $365.35.
Feeder cattle
Feeder cattle futures closed slightly higher, with the March contract up 2 cents to $367.45 and the April contract 40 cents higher to $363.20.
The CME Feeder Cattle Index was 50 cents lower to $374.66.
Corn futures closed lower, with the March and May contracts down a penny to $4.28 and $4.37, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 13,000 head on Monday. Compared to a week earlier, at the open, feeder steers and heifers were selling steady to $12 higher. Benchmark steers averaging 767 lbs. sold from $355.380, averaging $373.70.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,500 head on Monday. Compared to a week earlier, at the mid-session, steers sold mostly steady to $5 higher, with an increase noted on 700-800 lbs. Feeder heifers sold $5-15 higher. Stocker cattle sold $15-25 higher. Benchmark steers averaging 772 lbs. sold from $355-381, averaging $368.92. — Charles Wallace, WLJ contributing editor
