Monday markets
“The livestock complex ended the day mixed as traders simply want to see greater fundamental support before they’re overly aggressive in the marketplace,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures closed mixed, with the August contract down 12 cents to $239.10 and the October contract up 35 cents to close at $234.65.
“The expiring June live cattle contract gives way to August as the spot month—with August selling at a large discount to this week’s cash prices,” the Cattle Report said. “Futures prices have declined five days in a row signaling a loss of confidence in the market’s ability to hold the current levels. The remaining month of July will focus futures prices on convergence between cash and futures.”
There was no cash trade noted today.
Cash trade for the week ending July 5 totaled 67,108 head. Live steers averaged $255.09, and dressed steers averaged $402.52.
Slaughter for the day is estimated at 103,000 head, compared to 104,000 head a week earlier. Total slaughter for last week is projected at 458,000 head (holiday-shortened week).
Boxed beef prices were lower on 102 loads. The Choice cutout lost 59 cents to close at $386.48, and the Select cutout lost $1.56 to close at $365.87.
Feeder cattle
Feeder cattle futures closed lower, down 12 cents on the August contract to $360.50 and down 60 cents on the September contract to $357.87.
The CME Feeder Cattle Index lost $5.74 to close at $371.25.
“It will be interesting to see how the feeder cattle market pans out this week, as today was a conflicting story for the market to try to decipher,” Stewart said. “On one hand, you saw the feeder cattle contracts close lower, seeming to respect and keep in line with last week’s trend, but on the other hand, in the countryside feeder cattle demand was red hot.”
Corn futures were higher, with the July contract up 15 cents to $4.74 and the September contract also up 15 cents to $4.38.
Missouri: Joplin Regional Stockyards in Carthage sold 5,561 head on Monday. Compared to a week earlier, feeder steers sold steady to $10 higher with the exception of five-weight steers, which sold $15-18 higher. Feeder heifers sold from $5 lower to $5 higher. Benchmark steers averaging 778 lbs. sold from $365-380, averaging $369.07.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 952 head on Monday. Compared to a week earlier, there were not enough cattle to test trends. A somewhat lower undertone was noted on some feeder cattle, but quality and flesh conditions played a factor. Benchmark steers averaging 723 lbs. sold from $387-387. — Anna Miller Fortozo, WLJ managing editor
