Monday markets
The cattle markets closed mostly lower today, with traders holding out to see how trade develops.
Live cattle futures sold lower, with the February contract down $1.37 to $197.40 and the April contract down $1.27 to $198.20.
“The live cattle contracts rounded out the day lower as traders are sheepish of overly supporting the market ahead of seeing what demand pans out to be this week and before seeing what the cash cattle market accomplishes,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day is estimated at 775 head. Live steers sold for $200, and dressed steers sold for $320.
Cash trade for the week ending Jan. 12 totaled 77,044 head. Live steers averaged $202.56, and dressed steers averaged $320.42.
Slaughter for the day is estimated at 117,000 head, compared to 109,000 head a week earlier. Total slaughter for last week is projected at 589,000 head.
Boxed beef prices were higher on 118 loads. The Choice cutout gained 51 cents to close at $333.35, and the Select cutout gained $3.43 to close at $317.57.
Feeder cattle
“The feeder cattle complex rounded out the day lower as the lack of support from the live cattle market amid the $0.06 to $0.07 rally in the corn complex was enough pressure to keep the market trading lower through closing time,” Stewart said.
Feeder cattle futures sold lower, down 50 cents to $271.85 on the January contract and down $1.50 to $267.90 on the March contract.
The CME Feeder Cattle Index gained $2.14 to close at $275.
Corn futures were higher, up 6 cents to $4.76 on the March contract and up 7 cents to $4.86 on the May contract.
Missouri: Joplin Regional Stockyards in Carthage sold 8,500 head on Monday. Compared to the sale held two weeks earlier, feeder steers sold $5-20 higher and feeder heifers sold $3-20 higher. Benchmark steers averaging 758 lbs. sold from $263-279, averaging $273.49.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,500 head on Monday. Compared to the last sale, feeder steers and steer calves sold $6-12 higher. Feeder heifers sold $4-8 higher. Feeder cattle sold up to $15 higher. Heifer calves sold $10-13 higher, and there were instances of steer and heifer calves selling up to $20 higher. Benchmark steers averaging 781 lbs. sold from $274-279, averaging $274.72. — Anna Miller, WLJ managing editor
