Monday markets
“Tomorrow’s election will overshadow the market for the first part of the week and the importance of the outcome will be determinative of the nation’s future,” the Cattle Report wrote. Live cattle futures closed higher today, with the December contract up $1.40 to $153.05 and the February contract up 65 cents to $155.02.
Cash trade was virtually nonexistent today, with only 250 head sold. On the formula side, a total of 40,800 head averaging 878 lbs. sold for an average of $242.17.
Cash trade for the first week of November totaled 88,348 head. Live steers averaged $152.03, and dressed steers averaged $241.95.
“It’s important to note that in last week’s cash cattle movement, packers committed 78% of their entire purchase for the nearby delivery, which again signals that they’re in desperate need of cattle,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Feedlots are expected to price cattle higher again this week.”
Slaughter for the day is estimated at 123,000 head, a few thousand more than last Monday. Total slaughter for last week is estimated at 667,000 head.
“Slaughter volumes for the past two months have exceeded prior year each week, but it will be hard to sustain year-over-year gains into the future as fed numbers decline and processing margins are threatened,” the Cattle Report said.
Boxed beef prices were higher on 97 loads. The Choice cutout gained 80 cents to close at $264.55, and the Select cutout gained $4.02 to close at $235.92.
Feeder cattle
Feeder cattle futures also closed higher today, with the November contract up 40 cents to $178.22 and the January contract up 30 cents to $179.92.
The CME Feeder Cattle Index lost 8 cents to close at $176.91.
“Once there’s less volatility in the market, which (largely) hinges on Russia, Ukraine and whether or not Ukraine is allowed access to export some of their grains—the feeder cattle complex could see more upside potential,” Stewart said.
Corn futures were lower, with the December contract down 5 cents to $6.75 and the March contract also down 5 cents to $6.81.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, feeder steers and heifers traded steady to $4 higher. Benchmark steers averaging 731 lbs. sold between $174-182, averaging $178.61.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 11,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers and calves sold unevenly steady. Feeder steers sold steady to $3 higher. Heifer calves over 500 lbs. sold steady, and under 500 lbs. sold steady to $5 higher. Benchmark steers averaging 775 lbs. sold between $174-182.50 and averaged $177.95. — Anna Miller, WLJ managing editor
