Monday markets
Following reports of several new confirmed cases of New World screwworm in the U.S., the market headed lower.
Live cattle futures were lower, down $3.55 on the June contract to $246.52 and down $4.92 to $236.72 on the August contract.
“Throughout the day, the live cattle contracts traded mixed, as at the day’s start, the contracts were trading higher, but by the day’s end, the market had fallen lower upon not seeing the fundamental support it desperately needed,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
“It is worth mentioning that over the weekend, two additional cases of New World screwworm were detected, bringing the total number of confirmed cases in the U.S. to four,” she added.
Cash trade for the day totaled less than 100 head. Dressed steers sold for $403. On the formula side, a total of 28,000 head averaging 940 lbs. averaged $413.33.
Cash trade for the week ending June 7 totaled 78,391 head. Live steers averaged $256.62, and dressed steers averaged $404.74.
Slaughter for the day is estimated at 102,000 head, compared to 104,000 head a week earlier. Total slaughter for last week is expected at 533,000 head.
Boxed beef prices were lower on 116 loads. The Choice cutout lost 38 cents to close at $392.32, and the Select cutout lost $4.48 to close at $378.21.
Feeder cattle
“And in keeping with the market’s recent norm, the feeder cattle contracts also closed lower as the complex continues to closely mirror the action of the live cattle contracts, and as the market’s resistance at the 100-day moving average is simply too big a barrier for traders to challenge at this point,” Stewart said.
Feeder cattle futures were lower, down $3.20 on the August contract to $350.70 and down $3.37 on the September contract to $347.45.
The CME Feeder Cattle Index gained $2.17 to close at $361.38.
Corn futures sold sideways, up a penny on the July contract to $4.18 and unchanged on the December contract at $4.46.
Missouri: Joplin Regional Stockyards in Carthage sold 8,500 head on Monday. Compared to a week earlier, at the mid-session, feeder steers sold steady to $10 higher. Feeder heifers sold $5-15 higher. Benchmark steers averaging 774 lbs. sold from $360-380, averaging $363.14.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,800 head on Monday. Compared to a week earlier, feeder steers sold steady to $5 higher, with instance of $10 higher on heavier weights. Feeder heifers sold $2-8 higher. Steer calves sold $10-20 lower, and heifer calves sold $2-8 lower. Benchmark steers averaging 767 lbs. sold from $365-370, averaging $368.02.
South Dakota: Sioux Falls Regional in Worthing sold 929 head on Monday. Compared to the previous sale, feeder steers and heifers were not well compared on the much lighter offering. A group of benchmark steers averaging 768 lbs. sold from $376-378, averaging $377.58. — Anna Miller Fortozo, WLJ managing editor
