Monday markets
The market traded mostly lower over the day following Friday’s downturn.
Live cattle futures closed lower another day. The December contract lost $1.25 to close at $219.70, and the February contract lost 67 cents to close at $223.52.
“With the feeling of last week’s dramatic downturn still fresh on everyone’s mind, the live cattle contracts ended Monday lower again as traders desperately need to see some fundamental support arise as the market’s confidence was shaken last week,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
There was no cash trade recorded for the day. On the formula side, a total of 23,800 head averaging 965 lbs. averaged $365.85.
Cash trade though Nov. 1 totaled 68,178 head. Live steers averaged $223.30, and dressed steers averaged $345.
Slaughter through the day totaled about 104,000 head, compared to 106,000 head a week earlier. Total slaughter for a week earlier is projected at 543,000 head.
Boxed beef prices were higher on 81 loads. The Choice cutout gained 38 cents to close at $365.04, and the Select cutout gained $2.96 to close at $354.94.
Feeder cattle
Feeder cattle futures closed higher, with the November contract up 65 cents to $338.42 and the January contract up 90 cents to $332.67.
“Although the live cattle complex ended Monday mostly lower, the feeder cattle complex was able to keep its slightly higher position through the day’s close,” Stewart said. “But even so, the damage done to the market last week in terms of overall confidence pushed feeder cattle prices lower in sale barns across the country.”
The CME Feeder Cattle Index lost 17 cents to close at $351.26.
Corn futures were modestly higher, up about a penny apiece on the December and March contracts to close at $4.48 and $4.62, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 5,943 head on Monday. Compared to the previous sale, feeder steers sold steady to $10 lower. Feeder heifers under 600 lbs. sold steady to $8 higher. Heavier weights sold $6-12 lower. Benchmark steers averaging 720 lbs. sold from $355-365, averaging $358.86.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,75 head on Monday. Compared to a week earlier, yearling-type feeder steers and heifers were lightly tested and $4-12 lower. Sixty-day weaned feeder type cattle sold sharply lower. Steer and heifer calves sold $10-20 lower on lesser quality, some $30 lower. Benchmark steers averaging 719 lbs. sold from $340-368, averaging $357.50.
South Dakota: Sioux Falls Regional in Worthing sold 1,808 head on Monday. Compared to a week earlier, yearling feeder steers showed limited comparisons, with the most reliable comparison on 1,000-1,1000 lbs., which sold $2-5 lower. There was a lower undertone noted on lighter feeder steers and calves with instances of $10-12 lower on heavier feeders. Yearling feeder heifers displayed limited comparable ranges as well, with 900-950 lbs. selling $4-6 lower and 1,000-1,050 lbs. selling $10-12. Heifer calves sold mostly mixed with the only decent test on 500-550 lbs., which sold $10-13 higher. A group of steers weighing 757 lbs. sold for $354. — Anna Miller Fortozo, WLJ managing editor
