Monday markets
Cattle contracts rallied higher in anticipation of the holiday-shortened week.
Live cattle futures were higher, up $1.12 to $225.87 on the June contract and up 57 cents to $213.87 on the August contract.
There was no cash trade for the day. On the formula side, a total of 36,500 head averaging 916 lbs. sold for $369.50.
“It’s too early for any bids or asking prices to have surfaced, but with this week being a holiday-shortened week, it’s fully assumed that cattle will trade lower again this week,” DTN wrote in its closing comments.
Cash trade for the week ending June 29 totaled 52,528 head. Live steers averaged $230.13, and dressed steers averaged $369.42.
Slaughter for the day is estimated at 118,000 head, compared to 111,000 head a week earlier. Total slaughter for a week earlier is projected at 560,000 head.
Boxed beef prices were mixed on 95 loads. The Choice cutout lost 93 cents to close at $395.56, and the Select cutout gained $1.17 to close at $384.10.
Feeder cattle
Feeder cattle futures were higher, up $2.77 on the August contract to $310.67 and up $2.77 on the September contract to $310.62.
The CME Feeder Cattle Index gained 58 cents to close at $311.97.
“Cattle producers are hoping that the holiday-shortened week won’t disrupt the feeder cattle market’s momentum as next week more online video sales are set to happen, and the market will continue to see what the expectations for fall delivered feeder cattle will be,” DTN said.
Corn futures were mixed, up 3 cents to $4.20 on the July contract and down 2 cents to $4.09 on the September contract.
Missouri: Joplin Regional Stockyards in Carthage sold 5,686 head on Monday. Compared to a week earlier, feeder steers sold steady to $20 higher with the most gain on four- and five-weight calves. Feeder heifers sold from $7 lower to $8 higher. Benchmark steers averaging 720 lbs. sold from $325-335, averaging $329.31.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, feeder steers sold steady to $3 higher and feeder heifers sold $1-4 higher. Steer calves sold steady to $4 higher, and heifer calves sold $3-6 higher. Benchmark steers averaging 772 lbs. sold from $303-324, averaging $319.40.
South Dakota: Sioux Falls Regional in Worthing sold 1,420 head on Monday. Compared to two weeks earlier, feeder steers and heifers sold unevenly steady compared to the much larger offering at the previous sale. There was good demand for all weights of steers and heifers. Benchmark steers averaging 780 lbs. sold from $321-343, averaging $324.88. — Anna Miller Fortozo, WLJ managing editor
