Monday markets
The cattle markets traded bullishly to kick off the short holiday week, thanks to Friday’s latest Cattle on Feed (COF) report.
Live cattle futures were higher, with the December contract up 47 cents to $153.55 and the February contract up 87 cents to $156.72.
Cash trade was inactive today, with only 110 head sold. On the formula side, a total of 35,100 head averaging 878 lbs. sold for $241.57.
Cash trade for the week ending Nov. 20 totaled 90,590 head. Live steers averaged $153.04, and dressed steers averaged $241.88.
“Boxed beef demand, throughput and cash cattle prices have all been supportive of the market, but until the most recent COF report, the data that the COF reports shared wasn’t jiving with the rest of the market,” wrote Elaine Kub, DTN contributing analyst, in her midday comments.
“But from now on and well into 2023, bullish COF reports are expected as the market simply doesn’t possess as many cows as it did in years past.”
Slaughter for the day is estimated at 128,000 head, on pace with last week. Total slaughter for last week was 674,000 head. Slaughter a year ago was 122,000 head.
Boxed beef prices were higher on 112 loads. The Choice cutout gained 51 cents to close at $255.38, and the Select cutout gained 79 cents to close at $233.62.
Feeder cattle
“The combination of cheaper grain prices and Friday’s bullish Cattle on Feed report led to a higher gap in the feeder cattle contracts at Monday’s start, and has since allowed for the market to continue to trade higher ever since,” Kub said.
Feeder cattle futures were close to $2 higher, with the January contract up $1.85 to $182.62 and the March contract up $1.97 to $185.10.
The CME Feeder Cattle Index lost 72 cents to close at $174.64.
Corn futures were lower, with the December contract down 8 cents to $6.59 and the March contract down 6 cents to $6.63.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to a week earlier, feeder steers under 800 lbs. were steady with heavier weights, trading steady to $3 higher. Feeder heifers traded steady to $3 higher. Benchmark steers averaging 732 lbs. sold from $177-189, averaging $180.70.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 9,250 head on Monday. Compared to a week earlier, feeder steers sold steady to $2 higher. Feeder heifers sold steady to $2 lower. Benchmark steers averaging 782 lbs. sold from $168-179, averaging $175.69.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,927 head on Monday. Compared to a week earlier, feeder steers sold steady to $5 higher, except 700-750 lbs., which sold $5-7 lower. Feeder heifers sold steady to $3 lower, except 600-700 lbs., which sold $1-5 higher. Benchmark steers averaging 769 lbs. sold from $178-182.50, averaging $180.89. — Anna Miller, WLJ managing editor
