Monday markets
The cattle markets were off to a weak start following the holiday week, with futures red on the board and cash trade inactive.
Live cattle futures were lower, with the December contract down 50 cents to $152.57 and the February contract down 45 cents to $154.67.
“With last week’s $3.00 to $4.50 advancement in the cash sector, one would suspect the futures market would follow its lead and trade higher into the new week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “But given that the market is coming back from a long holiday weekend, traders could show the market more support after they have time to reappraise the entire marketplace.”
Cash trade for the day was inactive, with 340 head sold. On the formula side, a total of 40,600 head averaging 867 lbs. averaged $245.73.
Cash trade for the holiday-shortened week was 94,864 head. Live steers averaged $156.12, and dressed steers averaged $244.98.
Slaughter for the day is estimated at 128,000 head, on pace with a week earlier. Slaughter through last week is projected at 581,000 head due to the holiday. Actual slaughter for the week ending Nov. 12 totaled 670,327 head.
“Last week’s 581K head slaughter was the largest Thanksgiving week slaughter since 2012. Estimates for this week are 660K to 665K head,” said Cassie Fish, market analyst, in The Beef.
Boxed beef prices were mixed on 85 loads. The Choice cutout gained $2.70 to close at $254.53, and the Select cutout lost $5.84 to close at $228.53.
Feeder cattle
Feeder cattle futures also saw some losses today, with the January contract down $1.42 to $176.87 and the March contract down 95 cents to $180.60.
The CME Feeder Cattle Index gained $3.56 to close at $177.19.
Corn futures traded mostly sideways, with the December contract up less than half a penny to $6.68 and the March contract unchanged at $6.71.
“The market will see more feeder cattle sales this week as sale barns will likely have an influx as last week most sale barns took the week off for the holiday,” Stewart said.
Missouri: Joplin Regional Stockyards in Carthage sold 10,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers traded steady with feeder heifers. Those under 550 lbs. sold steady to $3 higher, with heavier weights steady. Benchmark steers averaging 768 lbs. sold between $180-181.50, averaging $181.35.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,500 head on Monday. Compared to a week earlier, feeder steers and heifers sold $1-3 higher, with instances of $6-10 higher. Steer calves sold $3-7 higher, and heifer calves sold steady to $3 lower. Benchmark steers averaging 768 lbs. sold between $173-188, averaging $184.40. — Anna Miller, WLJ managing editor
