Monday markets
Futures were able to regain some of Friday’s losses that occurred following the news of President Donald Trump saying he planned to lower beef prices for consumers.
Live cattle futures gained over a dollar, with the October contract up $1.60 to $241.85, and the December contract up $1.82 to $243.65.
“Mix President Trump’s comments with the fact that the spot December live cattle contract rallied $13.35 in a matter of 13 days, money managed funds and traders alike were both getting leery of how high the market had quickly come,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “But thankfully supporting the market’s bullish uptick in the futures complex has been the notable turn in consumer demand and the help of stronger fed cash cattle prices.”
Cash trade for the day totaled about 350 head. Dressed steers sold for $372, and there was no market trend noted on live steers.
Cash trade for the week ending Oct. 19 totaled 87,831 head. Live steers averaged $239.81, and dressed steers averaged $372.28.
Slaughter for the day is estimated at 95,000 head, compared to 106,000 head a week earlier. There was no estimate for total trade last week due to the government shutdown and lack of USDA National Agricultural Statistics Service reports.
Boxed beef prices were higher on 86 loads. The Choice cutout gained $2.41 to close at $369.18, and the Select cutout gained $3.19 to close at $353.46.
Feeder cattle
Feeder cattle futures were modestly higher, up $1 on the October contract to $372.95 and up 97 cents to $372.67 on the November contract.
The CME Feeder Cattle Index gained $1.41 to close at $376.51.
“The market, more than anything, just seems to be finding some stability following the sharp decline that occurred on Friday,” Stewart said. “Last week, feeder cattle prices skyrocketed in the countryside, and hopefully buyer demand will remain strong again this week and lend the market additional fundamental support.”
Corn futures traded sideways, unchanged at $4.23 on the December contract and $4.37 on the March contract.
Missouri: Joplin Regional Stockyards in Carthage sold 6,500 head on Monday. Compared to a week earlier, at the mid-session, steers sold $10-15 lower and feeder heifers sold $5 higher to $10 lower. Benchmark steers averaging 744 lbs. sold for $375.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,800 head on Monday. Compared to a week earlier, feeder steers and heifers sold $5-15 lower. Steer calves sold steady, except 400-500 lbs. sold $10-20 higher. Heifer calves sold $5-15 lower. Benchmark steers averaging 778 lbs. sold from $365-384, averaging $378.88. — Anna Miller Fortozo, WLJ managing editor
