Monday markets
Higher boxed beef prices led to modest increases on the board, while cash trade remained slow to develop.
Live cattle futures sold mostly steady, with the December contract unchanged at $183.70 and the February contract at $185.37.
Cash trade for the day was limited, with less than 300 head sold. On the formula side, a total of 28,800 head averaging 926 lbs. sold for $304.50.
“Last week, prices trended lower, and while feedlot managers hope that prices hold steady and consumer demand shows favor to the beef cuts, there’s a good chance that seasonally speaking, prices are pressured again this week,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the week ending Nov. 10 totaled 50,010 head. Live steers sold for $186.60, and dressed steers sold for $293.30.
Slaughter for the day is estimated at 112,000 head, compared to 120,000 head last week. Total slaughter for last week is projected at 619,000 head.
Boxed beef prices were higher on 126 loads. The Choice cutout gained 28 cents to close at $308.21, and the Select cutout gained $2.65 to close at $281.84.
Feeder cattle
Feeder cattle futures were slightly higher, with the November contract up 72 cents to $246.15, and the January contract up 82 cents to $242.25.
The CME Feeder Cattle Index lost 3 cents to close at $249.83.
“What was potentially the most impressive note throughout the day for the feeder cattle market was the continued demand in the countryside for feeders and calves,” Stewart said. “Prices were noted as sharply higher in numerous sale reports, as buyers are still needing more cattle for their pens.”
Corn futures were modestly lower, with the December contract down a penny to $4.30 and the March contract down a penny to $4.42.
Missouri: Joplin Regional Stockyards in Carthage sold 7,500 head on Monday. Compared to a week earlier, feeder steers under 725 lbs. sold $5-20 higher with heavier weights selling steady to $3 higher. Feeder heifers sold steady to $10 higher. Benchmark steers averaging 769 lbs. sold from $252-266, averaging $261.69.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,200 head on Monday. Compared to a week earlier, feeder steers sold $2-4 higher, except 600-700 lbs. sold $10 higher. Feeder heifers sold steady to $2 higher. Steer and heifer calves sold $15-20 higher. Benchmark steers averaging 714 lbs. sold from $252-259.50, averaging $255.31.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 3,548 head on Monday. Compared to a week earlier, steer and heifer calves sold with higher undertones compared to a limited test. Yearling steers sold $5-10 lower, and heifers sold $4-6 lower. Benchmark steers averaging 715 lbs. sold from $271-275, averaging $272.58. — Anna Miller, WLJ managing editor
