Monday markets
The cattle market traded steady to higher over the day, bolstered by the news that a screwworm found in Mexican cattle will lead to restricted cattle imports.
“The live cattle complex rounded out the day mixed as some of the market’s nearby contracts closed slightly lower, but the deferred contracts rallied through the day’s end,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures closed lower, down 27 cents on the December contract to $186.50 and down 50 cents on the February contract to $187.70.
Cash trade for the day totaled about 700 head. Live steers sold from $187-188. On the formula side, a total of 35,900 head averaging 913 lbs. sold for $297.46.
Cash trade for the week ending Nov. 24 totaled 67,329 head. Live steers averaged $186.46, and dressed steers averaged $291.74.
Slaughter for the day is estimated at 120,000 head for the day, a couple thousand head more than a week earlier. Total slaughter for the week earlier is estimated at 631,000 head.
Boxed beef prices were higher on 126 loads. The Choice cutout gained $2.30 to close at $309.71, and the Select cutout gained $1.67 to close at $273.74.
Feeder cattle
“It was a headline sparking day for the cattle complex as the announcement that New World screwworm had been detected in a cow in Southern Mexico led APHIS officials to restrict cattle imports from Mexico,” Stewart said. “This obviously sparked higher feeder cattle prices as the U.S. is already short on feeder cattle supplies with its historically low beef cow herd.”
Feeder cattle futures closed higher, with the January contract up $1.17 to $255.47, and the March contract up $1.20 to $254.32.
The CME Feeder Cattle Index gained 18 cents to close at $254.72.
Corn futures were lower, down about a penny or two apiece to $4.24 on the December contract and $4.33 on the February contract.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head on Monday. Compared to a week earlier, feeder steers sold steady to $15 higher and feeder heifers sold $5-20 higher. Benchmark steers averaging 772 lbs. sold from $263.50-273.50, averaging $265.15.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 7,000 head on Monday. Compared to a week earlier, feeder steers and heifers sold $4-10 higher with instances of up to $15 higher. Steer and heifer calves sold $10-15 higher with instances of up to $20 higher. Benchmark steers averaging 780 lbs. sold from $244-259, averaging $254.28.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 1,788 head on Monday. Compared to the previous sale, steer and heifer calves sold with higher undertones and yearling feeder steers also sold with higher undertones. Benchmark steers averaging 782 lbs. sold from $246-267, averaging $256.82. — Anna Miller, WLJ managing editor
