Monday markets
The cattle market was hesitant to trade higher today following Friday’s rally.
Live cattle futures closed lower. The October contract lost 22 cents to close at $224.75, and the December contract lost 45 cents to close at $226.60.
“Although a couple of the nearby live cattle contracts still ended the day lower, all in all, it ended up being a mostly supportive day again for the live cattle contracts, as most of the contracts ended the day higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “As traders continue to believe in the market’s strong underlying fundamentals, they remain hopeful that again this week fed cash cattle prices may be able to trade steady if not a tick higher.”Â
Cash trade for the day was light at about 80 head. No market trends were noted. On the formula side, a total of 30,400 head averaging 960 lbs. averaged $359.64.
Cash trade for the week ending Oct. 11 was 67,701 head. Live steers averaged $221.13, and dressed steers averaged $345.59.
Slaughter through the day totaled 106,000 head, compared to 102,000 head a week earlier. Total slaughter for a week earlier is projected at 531,000 head.
“Plant attendance is normal and changes in weekly slaughter will be driven by supply and demand,” the Cattle Report wrote. “Processors have maintained profitability since July—the longest period during the past few years. The status for fed supplies will remain tight through year end especially in the south.”
Boxed beef prices closed mixed on 80 loads. The Choice cutout gained $2.21 to close at $375.56, and the Select cutout lost 17 cents to close at $354.13.
Feeder cattle
Feeder cattle futures were lower. The October contract lost 37 cents to close at $343.47, and the November contract lost 85 cents to close at $341.10.
The CME Feeder Cattle Index gained 34 cents to close at $337.07.
Corn futures were higher, up 3 cents on the December contract to $4.83 and up 3 cents on the March contract to $4.97.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, feeder steers under 550 lbs. sold $5-10 lower while heavier weights sold $3-7 higher. Feeder heifers sold steady to $5 higher. Benchmark steers averaging 771 lbs. sold from $337-352, averaging $344.59.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,800 head on Monday. Compared to a week earlier, at the mid-session, feeder steers over 750 lbs. sold steady to $3 higher and under 750 lbs. sold $5-10 higher. Feeder heifers sold $2-7 higher. Steer calves sold $10-20 higher, and heifer calves over 500 lbs. sold $4-8 higher while under 500 lbs. sold $10-20 higher. Benchmark steers averaging 784 lbs. sold from $339-352, averaging $343.48.
South Dakota: Sioux Falls Regional in Worthing sold 1,665 head on Monday. Compared to the previous week, there were not enough comparable sales of feeder steers and heifers to make a good comparison. Benchmark steers averaging 681 lbs. sold for $370. — Anna Miller Fortozo, WLJ managing editor
