Monday markets
Futures kicked off the week on a strong note. Cash trade remained light, but last week’s higher prices are lending optimism to the marketplace.
Live cattle futures were higher. The April contract gained $1.85 to close at $205.02, and the June contract gained $1.72 to close at $201.07.
Cash trade for the day was light, with about 200 head sold through the afternoon. On the formula side, a total of 31,500 head averaging 909 lbs. averaged $316.04.
“Following last week’s exciting cash cattle trade, it will be especially interesting to see how cash prices fair later this week following last week’s $5 to $9 jump,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade through March 16 totaled 81,521 head. Live steers averaged $202.89, and dressed steers averaged $324.87.
Slaughter for the day is estimated at 114,000 head, compared to 115,000 head a week earlier. Total slaughter for a week earlier is estimated at 587,000 head.
Boxed beef prices were higher on 104 loads. The Choice cutout gained $2.89 to close at $321.16, and the Select cutout gained $1.58 to close at $307.90.
“Later this week, the monthly Cattle on Feed report is set to be released, which is also a guessing game as to how the numbers will differ from pre-report estimates,” Stewart said.
Feeder cattle
Feeder cattle futures were higher. The March contract gained $2.65 to close at $284.62, and the April contract gained $3 to close at $284.20.
“As long as the live cattle complex continues to lend ample support, it’s likely that the feeder cattle market will keep inching higher and higher as there’s more than enough support encouraging the move,” Stewart said.
The CME Feeder Cattle Index gained $1.47 to close at $282.72.
Corn futures were modestly higher, up 2 cents to $4.61 on the May contract and up 2 cents to $4.70 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head on Monday. Compared to a week earlier, feeder steers sold steady to $15 higher. Feeder heifers sold steady to $5 higher. Benchmark steers averaging 777 lbs. sold from $278-295, averaging $284.54.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,800 head on Monday. Compared to a week earlier, feeder steers sold $5-10 higher and feeder heifers sold $2-6 higher. Demand was very good for feeder cattle. Steer calves sold $3-6 higher, and heifers sold mostly steady. Benchmark steers averaging 783 lbs. sold from $276-294, averaging $286.88.
South Dakota: Sioux Falls Regional is Worthing sold 2,453 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. sold $10-15 higher, with instances of $20 higher, and over 800 lbs. sold $2-5 higher. Feeder heifers under 750 lbs. sold $8-13 higher, and over 750 lbs. sold $3-5 higher. Benchmark steers averaging 786 lbs. sold from $278-302.50, averaging $294.54. — Anna Miller, WLJ managing editor
