Monday markets
Cattle futures traded higher over the day following the holiday-shortened trading week.
Live cattle futures were higher over the day, up $1.02 on the June contract to $255.82 and up 72 cents on the August contract to $247.35.
“Couple the cash cattle market’s recent success with the fact that the equity markets are trading higher, and traders have been willing to look beyond last week’s Cattle on Feed report and allow the live cattle contracts to trade higher,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day and total cash trade numbers for the week ending June 21 were not released ahead of press time due to plant submission issues.
“Friday was once again trade day,” the Cattle Report wrote. “Bids of $254 earlier this week were replaced with bids moving in $2 increments during the day ending at $260. Live sales were at $258 mid afternoon and $260 late.”
Slaughter for the day is estimated at 106,000 head, compared to 99,000 head a week earlier. Total slaughter for a week earlier is projected at 526,000 head.
“The slaughter volume was 32,000 under last year,” the Cattle Report said. “The processors are hoping to revive beef demand by cutting back slaughter volumes and there should be a response in the coming week for box prices.”
Boxed beef prices were higher on 79 loads. The Choice cutout gained $1.69 to close at $396.06, and the Select cutout gained $3.51 to close at $375.59.
Feeder cattle
Feeder cattle futures were higher, up $3.82 on the August contract to $370.42 and up $4.15 on the September contract to $368.82.
The CME Feeder Cattle Index gained $3.04 to close at $367.06.
Corn futures were lower, down 6 cents on the July contract to $4.11 and down 4 cents on the December contract to $4.39.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers under 600 lbs. sold steady to $10 lower. Heavier weights sold $5-15 higher. Feeder heifers sold from $5 lower to $20 higher. Benchmark steers averaging 781 lbs. sold from $363-400, averaging $382.33.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,021 head on Monday. Compared to a week earlier, feeder steers over 800 lbs. sold $5-15 higher and under 800 lbs. sold $1-3 higher. Feeder heifers sold $5-15 higher. Steer calves sold $8-15 higher, and heifer calves sold $10-20 higher. Benchmark steers averaging 784 lbs. sold from $373-385, averaging $382.73.
Iowa: Russell Livestock in Russell sold 1,429 head on Monday. There was no comparison noted with the last sale held three weeks earlier. Demand was good, especially for cattle under 400 lbs. A small group of benchmark steers averaging 753 lbs. sold for $415.
South Dakota: Sioux Falls Regional in Worthing sold 1,023 head on Monday. Compared to a week earlier, there was a much lighter offering with higher undertones noted. There was very good demand for full loads of backgrounded yearlings. Benchmark steers averaging 788 lbs. sold for $370. — Anna Miller Fortozo, WLJ managing editor
