Monday markets
The marketplace was sluggish today, with most focus on the 25% tariffs set to go into effect on Canada and Mexico imports tomorrow.
Live cattle futures were lower. The April contract lost 40 cents to close at $192.25, and the June contract lost 67 cents to close at $188.10.
Without any positive fundamental support coming to fruition, traders were left with the same unsettled nature they possessed late last week,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was limited at less than 500 head. Dressed steers sold for $310. On the formula side, a total of 29,600 head averaging 912 lbs. averaged $318.11.
Stewart predicts cash trade for tomorrow to be lower and doesn’t expect beef demand to push prices higher.
Cash trade for the week ending March 2 totaled 55,893 head. Live steers averaged $197.86, and dressed steers averaged $313.13.
Slaughter for the day is estimated at 102,000 head, about 7,000 head more than a week earlier. Total slaughter for last week is projected at 566,000 head.
Boxed beef prices were higher on 100 loads. The Choice cutout gained $2.10 to close at $313.93, and the Select cutout gained 36 cents to close at $302.41.
Feeder cattle
Feeder cattle futures were lower. The March contract lost 95 cents to close at $274.02, and the April contract lost 95 cents to close at $272.05.
“Unless the live cattle complex finds some support this week, it’s likely that the feeder cattle market will continue to trade in the live cattle market’s wake as an unsettled nature has rooted its way into the cattle sector,” Stewart said.
The CME Feeder Cattle Index gained $1.42 to close at $281.06.
Corn futures were lower, down 13 cents to $4.40 on the March contract and down 13 cents to $4.56 on the May contract.
Missouri: Joplin Regional Stockyards in Carthage sold 13,000 head on Monday. Compared to a week earlier, feeder steers sold from $3 higher to $8 lower. Feeder heifers sold from $8 higher to $10 lower. Benchmark steers averaging 773 lbs. sold from $264-282, averaging $273.31.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 11,500 head on Monday. Compared to the last sale, feeder steers and heifers sold steady to mostly $3 lower. Stocker steers and steer calves sold $10-15 higher. Stocker heifers and heifer calves sold mostly steady. Benchmark steers averaging 775 lbs. sold from $271-282.50, averaging $279.44.
South Dakota: Sioux Falls Regional in Worthing sold 3,418 head on Monday. Compared to a week earlier, feeder steers and heifers sold unevenly steady. There was very good demand and the market was very active on lighter weight cattle. Benchmark steers averaging 767 lbs. sold from $277.50-285, averaging $281.24. — Anna Miller, WLJ managing editor
