Monday markets
The market traded mostly higher following substantial cash trade late last week.
Live cattle futures were lower on the nearby contracts, down 5 cents on the October contract to $227.50 and down 32 cents on the December contract to $228.02.
Cash trade for the day was limited to about 100 head. There were no market trends noted. On the formula side, a total of 27,100 head averaging 961 lbs. averaged $359.36.
“No cash cattle trade developed throughout the day and trade will likely be delayed until Friday,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
For tomorrow’s cash trade, she predicted: “Steady to somewhat higher. Given the fact that feedlot managers sit relatively current with their showlists and that beef demand remains strong, there’s a chance that prices could hold steady again this week if not trade a tick higher.”
Cash trade for the week ending Oct. 18 totaled about 91,000 head. Live steers averaged $224.72, and dressed steers averaged $352.25.
Slaughter through the day totaled about 105,000 head, compared to 106,000 head a week earlier. Total slaughter for a week earlier is projected at 553,000 head.
Boxed beef prices were mixed on 104 loads. The Choice cutout lost 73 cents to close at $371.58, and the Select cutout gained $6.86 to close at $359.91.
Feeder cattle
Feeder cattle futures were higher, up 80 cents on the October contract to $344.42 and up $2.02 on the November contract to $343.92.
The CME Feeder Cattle Index gained 90 cents to close at $343.54.
Corn futures were lower, down 7 cents on the December contract to $4.67 and down 6 cents on the March contract to $4.80.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to a week earlier, at the open, feeder steers were selling steady to $8 lower while feeder heifers sold steady. Benchmark steers averaging 794 lbs. sold from $336-345, averaging $339.24.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,329 head on Monday. Compared to a week earlier, at the mid-session, feeder steers over 800 lbs. sold $4-6 higher on a light test while under 800 lbs. sold steady to $4 lower. Feeder heifers sold steady to $3 higher, while 600-700 lbs. sold $6-7 lower. Steer calves sold $10-15 higher but under 500 lbs. were not well tested. Heifer calves under 500 lbs. sold steady to $5 higher, while over 500 lbs. sold steady to $5 lower. Benchmark steers averaging 784 lbs. sold from $334-356, averaging $349.73.
South Dakota: Sioux Falls Regional in Worthing sold 2,311 head on Monday. Compared to the previous week, there were limited feeder steer sales to compare. Feeder heifers sold mostly steady to $5 higher on limited comparisons. A group of benchmark steers averaging 771 lbs. sold for $351. — Anna Miller Fortozo, WLJ managing editor
