Monday markets
The market traded steady to higher today, with futures mostly higher on the board. Cash trade will remain uncertain until later in the week, especially as packers prepare to buy for a holiday-shortened week.
Live cattle futures were mixed. The December contract gained 5 cents to close at $151.57, and the February contract lost 70 cents to close at $152.55.
There was a small amount of cash trade today, with about 700 head sold. There was not a market trend noted. Cash trading was at a standstill in the Texas Panhandle and Nebraska. In Kansas and the western Corn Belt, cash trade was mostly inactive on very light demand.
“This week’s cash cattle market will likely see pushback again from packers as they’ve strategically been able to buy up enough cattle for the deferred delivery that it minimizes their need to support the current week’s market,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “We also must remember that they’re also buying for next week’s holiday-shorted schedule, which will also give them more power to again push prices lower.”
On the formula side, a total of 35,400 head averaging 882 lbs. averaged $243.45.
Cash trade for the week ending Nov. 12 totaled 102,284 head. Live steers averaged $152.93, and dressed steers averaged $242.16.
Slaughter for the day is estimated at 128,000 head, compared to last Monday’s 123,000 head.
Boxed beef prices were lower on 139 loads. The Choice cutout lost 96 cents to close at $257.98, and the Select cutout lost $2.06 to close at $233.21.
Feeder cattle
“The feeder cattle complex is off to a mildly higher start as the corn complex trades lower,” Stewart said. “The market isn’t seeing spillover support from the live cattle sector, so paying close attention to any changes in grain prices will be vital to its wellbeing and ability to close higher this afternoon.”
Feeder cattle futures were mostly higher, with the November contract unchanged at $176.95 and the January contract up 87 cents to $179.45.
The CME Feeder Cattle Index lost 23 cents to close at $175.23.
Missouri: Joplin Regional Stockyards in Carthage sold 8,500 head on Monday. Compared to a week earlier, feeder steers traded steady, and feeder heifers traded steady to $3 lower. Benchmark steers averaging 758 lbs. sold between $176-180.50 and averaged $177.94.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,600 head on Monday. Feeder cattle and calves sold unevenly steady. Demand was moderate to good. A group of benchmark steers averaging 757 lbs. sold between $173-184.50 and averaged $178.04. — Anna Miller, WLJ managing editor
