Monday markets
Monday’s cattle markets opened the week on a stronger note, with futures climbing and feeder sales showing solid demand.
Live cattle futures were higher, up $1.07 to $216.55 on the June contract and up $1.65 to $211 on the August contract.
“Following the exciting nature of last week’s trade, the live cattle complex is continuing to trade higher and is mainly being fueled by the strong fundamental footing the market possesses,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was limited, with less than 300 head sold. On the formula side, a total of 44,600 head averaging 906 lbs. sold for $356.39.
Cash trade through June 1 totaled 81,483 head. Live steers sold from $225-237, and dressed steers sold from $365-376.
Slaughter for the day is estimated at 115,000 head, compared to 2,000 head a week ago (Memorial Day). Total slaughter for the holiday-shortened week is expected at 477,000 head.
Boxed beef prices were mixed on 122 loads. The Choice cutout lost 34 cents to $366, and the Select cutout gained $1.46 to $358.11.
Feeder cattle
“The feeder cattle complex is now pushing on the upper end of its current sideways trading range as the market is elated to see extra support from traders and from the market’s strong fundamental support in terms of higher fed cash cattle prices and strong beef demand,” Stewart said.
Feeder cattle futures were higher, up $2.92 to $301.75 on the August contract and up $3.20 to $300.90 on the September contract.
The CME Feeder Cattle Index gained $1.66 to close at $297.75.
Corn futures were lower, down 5 cents to $4.38 on the July contract and down 2 cents to $4.20 on the September contract.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to the sale held two weeks earlier, feeder steers under 600 lbs. sold $5-25 lower, and heavier weights sold steady to $7 higher. Feeder heifers under 750 lbs. sold $5-10 lower, and heavier weights sold steady to $4 higher. Benchmark steers averaging 779 lbs. sold from $295-321, averaging $307.33.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,500 head on Monday. Compared to the sale held two weeks earlier, feeder steers sold $7-12 higher and steer calves sold $5-10 higher. Feeder heifers and heifer calves sold steady to $4 higher. Benchmark steers averaging 787 lbs. sold from $303-308, averaging $304.62.
South Dakota: Sioux Falls Regional in Worthing sold 3,044 head on Monday. Compared to the last sale held two weeks previously, feeder steers and heifers sold steady to $5 higher. Benchmark steers averaging 788 lbs. sold from $318-328, averaging $321.79. — Anna Miller, WLJ managing editor
