Monday markets
The cattle market managed to close higher over the day amid external factors.
Live cattle futures closed higher, with the April contract up 87 cents to close at $233.10 and the June contract up 50 cents to close at $229.65.
“Combine the external noise of the new developments between the U.S. and Iran, with the raw fact that last week, fed cash cattle prices traded lower—and it should come as no real surprise that the live cattle contracts are again trading lower,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was light, with less than 50 head sold. There were no market trends noted. On the formula side, a total of 26,800 head averaging 949 lbs. averaged $398.24.
Cash trade for the week ending March 1 totaled 51,189 head. Live steers averaged $242.78, and dressed steers averaged $382.63.
Slaughter for the day is estimated at 102,000 head, compared to 106,000 head a week earlier. Total slaughter for last week is projected at 516,000 head.
Boxed beef prices were higher on 73 loads. The Choice cutout gained $1.50 to close at $381.34, and the Select cutout gained $3.90 to close at $378.21.
“Despite cheaper cattle costs and higher boxed beef values, packers margins remain red, albeit improved,” wrote Cassie Fish, market analyst, in The Beef. “Slaughter is expected to stay restricted in order to support boxes in attempt to limit losses.”
Feeder cattle
Feeder cattle futures were higher, up $1.85 on the March contract to $357.27 and up $2.12 to $353.32 on the April contract.
The CME Feeder Cattle Index lost 38 cents to close at $372.79.
Corn futures were lower, down 5 cents on the March contract to $4.33 and down 2 cents on the May contract to $4.45.
Missouri: Joplin Regional Stockyards in Carthage sold 10,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers under 550 lbs. sold $10-30 lower and heavier weights sold $2-8 lower. Feeder heifers under 650 lbs. sold steady to $10 lower, and heavier weights sold $5-25 lower. Benchmark steers averaging 759 lbs. sold from $360-375, averaging $371.66.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,500 head on Monday. Compared to a week earlier, at the mid-session, feeder steers sold $2-8 lower and feeder heifers sold $4-10 lower. Steer calves sold $5-15 lower, and heifer calves sold $10-20 higher. Benchmark steers averaging 756 lbs. sold from $349-373.50, averaging $369.40.
South Dakota: Sioux Falls Regional in Worthing sold 3,322 head on Monday. Compared to a week earlier, feeder steers sold $10-15 lower, except 600-700 lbs. sold steady to $5 lower. Feeder heifers sold $10-15 lower, except 500-600 lbs. sold up to $10 higher. Benchmark steers averaging 781 lbs. sold from $355-392, averaging $367.04. — Anna Miller Fortozo, WLJ managing editor
