Monday markets
Thanks to Friday’s bullish Cattle on Feed and Cattle inventory reports, the cattle market began the week with a boost.
Live cattle futures were higher, with the August contract up $1.40 to $227.87 and the October contract up $1.62 to $224.77.
“Following last Friday’s incredible bullish day, trades took the bullish news of the Cattle on Feed report amid a stronger fed cash cattle market and ran the live cattle contracts higher throughout the day,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments today.
Cash trade for the week ending July 27 totaled 62,915 head. Live steers averaged $239.63, and dressed steers averaged $379.53.
Cash trade for the day totaled less than 400 head. There were no market trends noted. On the formula side, a total of 28,200 head averaging 921 lbs. averaged $373.08.
Slaughter for the day is estimated at 108,000 head, compared to 105,000 head a week earlier. Total slaughter for last week is projected at 549,000 head, compared to 563,000 head a week earlier.
Boxed beef prices were higher on 91 loads. The Choice cutout gained $1.05 to close at $367.73, and the Select cutout gained $1.98 to close at $346.85.
Feeder cattle
Feeder cattle futures were higher, up $2.15 to $333.52 on the August contract and up $2.35 to $334.55 on the September contract.
The CME Feeder Cattle Index gained $2.65 to close at $328.83.
“It’s again interesting to note that the market is seeing the biggest daily advancement in the furthest deferred months as traders are realizing that supplies aren’t going to be overly abundant any time soon and that currently the deferred contracts are the market’s best deal,” Stewart said.
Corn futures were lower, down 5 cents on the September contract to $3.93 and down 5 cents to $4.14 on the December contract.
Missouri: Joplin Regional Stockyards in Carthage sold 4,710 head on Monday. Compared to the previous sale, feeder steers under 500 lbs. sold $25-30 higher. Heavier weights sold steady to $8 higher. Feeder heifers sold $20-25 higher with heavier weights selling steady to $8 higher. Benchmark steers averaging 726 lbs. sold from $345-360, averaging $351.48.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 2,972 head on Monday. Compared to a week earlier, feeder steers and steer calves sold $8-13 higher with instances of $20 higher. Feeder heifers and heifer calves sold $10-20 higher. Demand was very good. Quality was mostly plain but weigh-up conditions were in the buyer’s favor. Benchmark steers averaging 767 lbs. sold from $339-356, averaging $347.10. — Anna Miller Fortozo, WLJ managing editor
