Monday markets
While the market opened higher thanks to Friday’s bullish Cattle on Feed report, it closed mixed.
Live cattle futures were lower, down $1.05 to $205.90 on the April contract and down 62 cents to $202.15 on the June contract.
Cash trade for the day was light, with just over 200 head sold. On the formula side, a total of 31,400 head averaging 918 lbs. averaged $326.68.
Cash trade for the week ending March 23 totaled 94,956 head. Live steers averaged $212.69, and dressed steers averaged $335.12.
“Last Friday, the cattle market made a lot of history,” wrote Cassie Fish, market analyst in The Beef. “The biggest standout was the negotiated cattle trade with cash prices surging $8 to an all-time high of $213.25, based on the five-area average. Since bottoming four weeks ago, the last week in February, prices have risen nearly $16 or 7.3% of its value.
“Possibly more important than price,” she added, “was the massive transfer of ownership from feeder to packer—95k head, the largest in nearly 6 months.”
Slaughter for the day is estimated at 119,000 head, compared to 114,000 head a week earlier. Total slaughter for a week earlier is projected at 560,000 head.
Boxed beef prices were higher on 79 loads. The Choice cutout gained $1.65 to close at $327.10, and the Select cutout gained $3.96 to close at $313.58.
Feeder cattle
Feeder cattle futures were higher, up 12 cents to $286.60 on the March contract and up 27 cents to $285.25 on the April contract.
The CME Feeder Cattle Index gained $1.84 to close at $287.78.
“The market is fearing some resistance pressure, but if fundamental support proves to be ample again this week, there’s always the chance that traders could push the market higher again this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Corn futures sold sideways, higher by less than a penny apiece to $4.64 on the May contract and $4.72 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 9,000 head on Monday. Compared to the last sale, at the mid-session feeder steers sold from $4 lower to $7 higher. Feeder heifers sold steady to $10 higher. Benchmark steers averaging 783 lbs. sold from $284-296.50, averaging $292.08.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,500 head on Monday. Compared to a week earlier, feeder steers and calves sold $4-8 higher with 600-700 lbs. selling up to $15 higher. Feeder heifers sold $3-10 higher, and feeder heifers sold $5-12 higher. Demand was very good for all classes. Benchmark steers averaging 771 lbs. sold from $288-313, averaging $294.89. — Anna Miller, WLJ managing editor
