Monday markets
“The livestock complex is entering the new week mixed as traders want to advance the cattle contracts again but are somewhat skeptical of doing so without knowing what this week’s cash cattle market will do,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were higher, up 90 cents to $205.67 on the February contract and up 80 cents to $203.82 on the April contract.
There was no cash trade reported today. On the formula side, a total of 37,200 head averaging 923 lbs. averaged $324.60.
Cash trade for the week ending Jan. 26 totaled 82,583 head. Live steers averaged $209.13, and dressed steers averaged $329.98.
Slaughter for the day is estimated at 114,000 head, compared to 115,000 head a week earlier. Total slaughter for last week is expected at 599,000 head.
Boxed beef prices were higher on 137 loads. The Choice cutout gained $2.16 to close at $330.08, and the Select cutout gained $4.26 to close at $4.26.
This week, all eyes are set on the looming Cattle inventory report set to be released on Friday. Pre-report estimates have total cattle and calves on feed for 2024 at 0.8% of last year.
Feeder cattle
“Although the nearby live cattle contracts are trading higher, and it’s widely accepted that Friday’s Cattle on Feed Report was indeed bullish—the feeder cattle contracts are trading steady/somewhat lower as the market seems to be apprehensive about trading any higher given that the contracts are already trading at contract high price points,” Stewart said.
Feeder cattle futures were mixed, up $1.02 on the January contract to $279.72 and down $1.32 on the March contract to $275.25.
The CME Feeder Cattle Index gained 73 cents to close at $278.28.
Corn futures were lower, down 4 cents apiece on the March and May contracts to $4.82 and $4.922, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 12,500 head on Monday. Compared to the previous sale, at the mid-session, feeder steers and heifers sold $5-10 higher. Benchmark steers averaging 783 lbs. sold from $267-281, $272.56.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 13,500 head on Monday. Compared to a week earlier, at the mid-session, feeder steers sold $5-10 higher and feeder heifers sold $5-8 higher. Steer and heifer calves sold unevenly steady. Benchmark steers averaging 764 lbs. sold from $274-283, averaging $278.62. — Anna Miller, WLJ managing editor
