Monday markets
Traders moved cautiously today following last week’s major rally in the cattle markets.
Live cattle futures were lower, with the August contract down $2.85 to $219.35 and the October contract down $2.92 to $216.77.
“Following the aggressive rally seen late last week in the cattle complex, it’s hard for traders to continue to push the contracts higher without first seeing what’s going to surface fundamentally this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was light, with less than 400 head sold. On the formula side, a total of 39,600 head averaging 918 lbs. averaged $360.35.
Cash trade for the week ending July 13 totaled 77,827 head. Live steers averaged $237.43, and dressed steers averaged $379.30.
Slaughter for the day is estimated at 112,000 head, compared to 114,000 head a week earlier. Total slaughter for a week earlier is predicted at 568,000 head.
Boxed beef prices were lower on 95 loads. The Choice cutout lost $1.57 to close at $377.07, and the Select cutout lost $1.91 to close at $364.58.
Feeder cattle
Feeder cattle futures fell several dollars lower. The August contract lost $5.85 to close at $319.47, and the September contract lost $5.82 to close at $319.57.
The CME Feeder Cattle Index gained $1.53 to close at $323.37.
Corn futures were higher, up 9 cents to $4.12 on the July contract and up 4 cents to $4 on the September contract.
“Although the board is trading sharply lower, it’s likely that sales in the countryside will be largely unfazed as supplies are limited enough that buyers have to remain aggressive if they want to fulfill their orders,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 5,000 head on Monday. Compared to a week earlier, feeder steers under 750 lbs. sold $5-10 higher with heavier weights selling steady. Feeder heifers sold steady to $7 higher. Benchmark steers averaging 763 lbs. sold from $321-340, averaging $336.36.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,000 head on Monday. Compared to the last sale held two weeks earlier, feeder steers sold $10-20 higher and steer calves sold $15-25 higher. Feeder heifers and heifer calves sold $10-25 higher. Benchmark steers averaging 728 lbs. sold from $324-359, averaging $335.89.
South Dakota: Sioux Falls Regional in Worthing sold 3,102 head on Monday. Compared to two weeks earlier, feeder steers and heifers sold $10-20 higher. Benchmark steers averaging 765 lbs. sold from $344-347.50, averaging $345.35. — Anna Miller Fortozo, WLJ managing editor
