Monday markets
The cattle market was boosted over the day from renewed trader interest.
Live cattle futures closed higher, up $2.10 on the August contract to $226.52 and up $2.60 on the October contract to $223.30.
“More than anything, today’s success is merely from the support of traders, and it’s likely that if fundamental support doesn’t arise later this week, the futures complex will again come under pressure,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was limited, with less than 100 head sold. On the formula side, a total of 25,400 head averaging 951 lbs. sold for $400.50.
Cash trade for the week ending July 19 totaled 55,813 head. Live steers averaged $238.44, and dressed steers averaged $377.19.
Slaughter for the day is estimated at 106,000 head, compared to 105,000 head a week earlier. Total slaughter for a week earlier is estimated at 525,000 head.
Boxed beef prices were higher on 77 loads. The Choice cutout gained $3.29 to close at $370.10, and the Select cutout gained 16 cents to close at $355.45.
Feeder cattle
Feeder cattle futures made tremendous gains over the day, up $6.05 on the August contract to $352 and up $6.90 on the September contract to $346.25.
“With a little extra support from the live cattle complex and traders, the feeder cattle contracts were able to end the day higher,” Stewart said.
The CME Feeder Cattle Index lost $1.49 to close at $364.03.
Corn futures were higher, up 4 cents on the September contract to $4.49 and up 5 cents on the December contract to $4.73.
Missouri: Joplin Regional Stockyards in Carthage sold 3,510 head on Monday. Compared to a week earlier, feeder steers under 750 lbs. sold $15-35 lower with heavier weights selling $2-15 lower. Feeder heifers sold $15-35 lower. Benchmark steers averaging 732 lbs. sold from $354-355, averaging $354.47.
Oklahoma: Oklahoma National Stockyards in the Oklahoma City sold 3,200 head on Monday. Compared to the previous sale, feeder steers and heifers sold $15-25 lower. Steer and heifer calves sold $20-30 lower, with spots up to $40 lower. Benchmark steers averaging 768 lbs. sold from $346-361.50, averaging $353.30. — Anna Miller Fortozo, WLJ managing editor
