Monday markets
Strong consumer demand sent the market higher over the day.
Live cattle futures were higher, up 75 cents on the June contract to $250.62 and up $2.07 on the August contract to $243.25.
“The spot August contract closed just $0.05 above the market’s 40-day rolling average, which means it will be especially important to see how the market reacts to that on Tuesday,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments. “If boxed beef prices remain strong, then traders may be able to hold a position above that threshold.”
Cash trade for the day was less than 100 head. On the formula side, a total of 25,400 head averaging 932 lbs. averaged $412.69.
“Given that last week packers bought cattle late in the week and then immediately called for delivery on them likely means that they’ll need to be a tick more aggressive this week,” Stewart said.
Cash trade for the week ending June 14 totaled 49,731 head. Live steers averaged $256.17, and dressed steers averaged $404.89.
Slaughter for the day is estimated at 99,000 head, compared to 102,000 head a week earlier. Total slaughter for a week earlier is expected to be 524,000 head.
Boxed beef prices were higher on 68 loads. The Choice cutout gained $3.12 to close at $395.05, and the Select cutout gained $3.69 to close at $376.41.
Feeder cattle
“It was a fruitful day for the feeder cattle contracts as the market closed anywhere from $4.00 to $5.00 higher and successfully ended the day above both the market’s 40-day and 100-day moving averages,” Stewart said.
Feeder cattle futures were higher, up $4.12 on the August contract to $361.55 and up $4.97 on the September contract to $359.52.
The CME Feeder Cattle Index lost $2.09 to close at $368.01.
Corn futures were higher, up 2 cents on the July contract to $4.15 and up a penny on the December contract to $4.41.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers sold steady to $12 higher. Feeder heifers sold steady to $18 higher. Benchmark steers averaging 771 lbs. sold from $365-394, averaging $378.55.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,500 head on Monday. Compared to a week earlier, feeder steers sold $2-10 higher, with six-weights selling up to $20 higher. Feeder heifers sold steady to $5 higher. Benchmark steers averaging 775 lbs. sold from $353-384.75, averaging $381.95. — Anna Miller Fortozo, WLJ managing editor
