Monday markets
Cattle futures kicked off the week with some modest gains as traders reacted to stronger cash prices to close out last week.
Live cattle futures were higher, up 30 cents to $200.57 on the April contract and up 75 cents to $197.22 on the June contract.
“Traders were elated to see cash cattle prices venture somewhat higher last week, which is what really pushed the futures complex to jolt higher last Friday,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “And as long as fundamental support can remain plentiful in the market again this week—continuing to trade higher shouldn’t be an issue for the live cattle complex.”
Cash trade for the day was light, with about 50 head sold. On the formula side, a total of 32,200 head averaging 913 lbs. averaged $317.35.
Cash trade for the week ending March 9 totaled 747,437 head. Live steers averaged $200.47, and dressed steers averaged $316.54.
Slaughter for the day is estimated at 115,000 head, compared to 102,000 head last week. Total slaughter for last week is estimated at 578,000 head.
Boxed beef prices were higher on 87 loads. The Choice cutout gained $2.68 to close at $317.58, and the Select cutout gained $1.15 to close at $306.95.
Feeder cattle
Feeder cattle futures were mixed, up 7 cents to $277.05 on the March contract and down 22 cents to $277.92 on the April contract.
“It will be interesting to see how traders handle the feeder cattle complex this week as the market is nearing resistance levels,” Stewart said. “If fundamental support is adequate on the live cattle market side of things (meaning boxed beef demand and strong fed cash cattle sales) then there’s a chance that the market inches higher and pressures all time high price points, but without certainty from the live cattle complex, the market will face some headwinds.”
The CME Feeder Cattle Index lost $2.32 to close at $273.77.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to the previous sale, feeder steers and heifers sold $5-20 higher. Benchmark steers averaging 778 lbs. sold from $265-300, averaging $281.89.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, feeder steers sold from $5-10 higher and feeder heifers sold from $3-8 higher. Stocker steers and steer calves sold $5-15 higher, and stock heifers and heifer calves sold mostly steady. Benchmark steers averaging 777 lbs. sold from $265-289, averaging $281.03.
South Dakota: Sioux Falls Regional sold 2,499 head on Monday. Compared to a week earlier, feeder steers sold steady to $5 higher, with instances of $6-10 higher. Feeder heifers sold $5-10 higher, except 700-800 lbs. sold steady. Benchmark steers averaging 794 lbs. sold from $280-286, averaging $284.58. — Anna Miller, WLJ managing editor
