Monday markets
Cattle futures kicked off the week on a weaker note, with live and feeder contracts trending lower as traders were cautious to trade ahead of market developments.
Live cattle futures were lower, down $1.02 on the April contract to $207.80 and down $1.20 on the June contract to $203.65.
“As the market tip-toes into the new week, traders are again cautious not to be overly supportive of the contracts ahead of seeing what’s going to develop fundamentally this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was limited, with less than 200 head sold. On the formula side, a total of 31,400 head averaging 903 lbs. averaged $337.43.
“It’s likely that the cash cattle market won’t trade until Friday again this week,” Stewart said.
Cash trade through March 30 totaled 62,630 head. Live steers averaged $212.21, and dressed steers averaged $337.83.
Slaughter for the day is estimated at 104,000 head, compared to 119,000 head a week earlier. Total slaughter for last week is estimated at 609,000 head.
Boxed beef prices were higher on 120 loads, up $2.44 to $335.26 on the Choice cutout and up $1.33 to $320.01 on the Select cutout.
Feeder cattle
Feeder cattle futures were lower, down 47 cents to $286.45 on the April contract and down 67 cents to $284.50 on the May contract.
“The market has seemed to somewhat plateau and unless something riveting happens in the live cattle complex, it’s unlikely that the market will move boldly enough on its own to push through this barrier,” Stewart said.
The CME Feeder Cattle Index lost 91 cents to close at $286.76.
Corn futures were higher, up 4 cents to $4.57 on the May contract and up 3 cents to $4.63 on the July contract.
Missouri: Joplin Regional Stockyards in Carthage sold 10,000 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. sold steady to $8 lower with heavier weights steady to $2 higher. Feeder heifers sold steady to $7 lower. Benchmark steers averaging 773 lbs. sold from $284-307, averaging $292.71.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, feeder steers and steer calves sold steady to $5 lower. Feeder heifers and heifer calves sold steady to $5 higher except 500-700 lbs. sold $1-5 lower. Benchmark steers averaging 785 lbs. sold from $288-300, averaging $291.22.
South Dakota: Sioux Falls Regional Cattle in Worthing sold 1,285 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. sold mostly steady and over 800 lbs. sold $6-8 lower. Feeder heifers under 700 lbs. sold unevenly steady and over 700 lbs. sold $6-8 lower. Benchmark steers averaging 732 lbs. sold from $312.50-333, averaging $330.08. — Anna Miller, WLJ managing editor
