Monday markets
It was a green start to the week in the cattle market.
“It was another victorious day for the live cattle complex as the futures complex scored new contract highs yet again, and boxed beef prices closed higher,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were higher today, up $2.55 to $213.65 on the June contract and up $2.30 to $209.07 on the August contract.
USDA did not release their cash trade report for the day before WLJ press time.
Cash trade through May 4 totaled 99,262 head.
“Last week, Southern live cattle traded at mostly $218, which is $5.00 to $6.00 higher than the previous week’s weighted average, and Northern dressed cattle traded at mostly $350, which is $8.00 higher than the previous week’s weighted average,” Stewart said.
Slaughter for the day is estimated at 109,000 head, compared to 104,000 head a week earlier. Total slaughter for a week earlier is projected at 559,000 head.
Boxed beef prices were higher on 81 loads. The Choice cutout gained 67 cents to close at $343.57, and the Select cutout gained $2.72 to close at $328.07.
Feeder cattle
“The cash cattle market traded higher through Monday’s close as traders felt confident in pushing the feeder cattle contracts higher amid the support of the live cattle contracts higher trend,” Stewart said.
Feeder cattle futures were higher, with the May contract up $1.12 to $296.07 and the August contract up $2 to $298.90.
The CME Feeder Cattle Index gained 28 cents to close at $296.38.
Corn future contracts were down 14 cents apiece, with the May contract closing at $4.46 and the July contract at $4.54.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to the previous sale, feeder steers and heifers sold from $5 lower to $5 higher. Benchmark steers averaging 769 lbs. sold from $293-307, averaging $299.47.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,200 head on Monday. Compared to a week earlier, feeder steers over 850 lbs. sold $2-7 higher and under 850 lbs. sold $5-10 higher. Feeder heifers sold steady to $5 higher. Steer calves sold $6-11 higher, and heifer calves sold $4-5 higher. Benchmark steers averaging 724 lbs. sold from $307-326, averaging $315.68.
South Dakota: Sioux Falls Regional in Worthing sold 1,996 head on Monday. Compared to the previous sale, feeder steers and heifers sold steady to $5 higher. Benchmark steers averaging 761 lbs. sold from $305-327, averaging $324.50. — Anna Miller, WLJ managing editor
