Monday markets
The market started the week on a turnaround note from last week’s close.
Live cattle futures were higher, with the June contract up $1.92 to close at $227.02 and the August contract up $3.10 to $215.55.
“After feeling immensely pressured from a technical standpoint last Friday, the live cattle complex is beginning to regain some ground early this week as most of the nearby contracts are trading $2 to $3 higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
USDA did not release its afternoon cash trade report ahead of WLJ press time.
“Like last week, it’s unlikely any cash cattle trade will develop until Wednesday at the absolute earliest,” Stewart said.
Cash trade for the week ending June 15 totaled about 52,000 head. Live steers averaged $240.84, and dressed steers averaged $379.32.
Slaughter for the day is estimated at 103,000 head, compared to 112,000 head a week earlier. Last week’s total slaughter is projected at 558,000 head, compared to 582,000 a week earlier.
Boxed beef prices were higher on 80 loads. The Choice cutout gained $4.23 to close at $382.11, and the Select cutout gained $3.97 to close at $367.47.
Feeder cattle
Feeder cattle futures were higher, up $3.80 to $310.22 on the August contract and up $3.97 to $309.57 on the September contract.
The CME Feeder Cattle Index gained $1.25 to close at $317.10.
Corn futures were lower, down 9 cents to $4.34 on the July contract and down 8 cents to $4.19 on the September contract.
“Starting Tuesday, June 17, Superior Livestock Auction will be hosting their first online sale for the season, the Corn Belt Classic, in Sioux City, Nebraska,” Stewart said. “The sale is cataloged to offer 104,011 head and it will be a great opportunity to see what feeder cattle prices are expected to be later this fall.”
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, feeder steers sold from $5 higher to $10 lower and feeder heifers sold steady to $5 lower. Benchmark steers averaging 768 lbs. sold from $310-320, averaging $315.46.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,200 head on Monday. Compared to the previous sale, feeder steers sold steady to $3 lower and feeder heifers sold mostly steady. Steer and heifer calves sold $2-5 lower. Benchmark steers averaging 769 lbs. sold from $308.50-318, averaging $311.75. — Anna Miller Fortozo, WLJ managing editor
