Monday markets
The cattle market closed on a higher note, with numbers higher on the board and slaughter ahead of last week’s pace.
Live cattle futures were higher, with the December contract up $1.15 to $184.10 and the February contract up 72 cents to $185.97.
Cash trade was limited, with about 200 head sold. On the formula side, a total of 36,500 head averaging 920 lbs. averaged $298.91.
“Traders will continue to monitor boxed beef demand throughout the week as last week box prices fell, and if packers continue to see dwindling consumer demand, it’s likely that they’ll become even harder to deal with in the cash cattle market as they could cut chain speeds,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the week ending Nov. 10 totaled 74,093 head. Live steers averaged $184.81, and dressed steers averaged $290.97.
Slaughter for the day is estimated at 118,000 head for the day, compared to 112,000 head a week ago. Total slaughter for a week earlier is projected at 606,000 head.
Boxed beef prices were mixed on 109 loads. The Choice cutout gained $3.94 to close at $307.28, and the Select cutout lost 69 cents to close at $275.45.
Feeder cattle
Feeder cattle futures were higher, with the November contract up 72 cents to $251.82 and the January contract up $2.27 to $249.50.
“Sales in the countryside have also been strong which is helping lend some confidence to traders as well, but really this recent change in the market has been a bullish technical surge as traders have jumped into the market aggressively,” Stewart said.
The CME Feeder Cattle Index was not updated as of WLJ press time.
Corn futures were higher, with the December contract up 5 cents to $4.29 and the March contract up 4 cents to $4.39.
Missouri: Joplin Regional Stockyards in Carthage sold 8,500 head on Monday. Compared to a week earlier, feeder steers sold from $5 lower to $8 higher and feeder heifers sold from $3 lower to $2 higher. Benchmark steers averaging 765 lbs. sold from $254-274, averaging $266.32.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 8,000 head on Monday. Compared to a week earlier, feeder steers and heifers sold steady in a light test. Steer and heifer calves over 450 lbs. sold steady, and under 450 lbs. sold $10 higher. Benchmark steers averaging 781 lbs. sold from $249-255, averaging $252.8. — Anna Miller, WLJ managing editor
