Monday markets
Cattle futures traded modestly higher today following Friday’s bullish Cattle on Feed report.
Live cattle futures were slightly higher, up 10 cents on the October contract to $229.97 and up 7 cents on the December contract to $231.20.
“With the hope that the market’s strong fundamental underpinning will hold true throughout the week ahead, traders once again drove the live cattle contracts stronger throughout Monday,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day totaled about 142 head. No market trends were noted. On the formula side, a total of 22,500 head averaging 946 lbs. averaged $365.02.
Today was the first day of USDA’s new report that combines cash cattle trade from Texas, Kansas, Oklahoma, New Mexico and Colorado into one report.
Cash trade for the week ending Oct. 25 totaled 40,128 head. Live steers averaged $227.06, and dressed steers averaged $360.79.
Slaughter through the day totaled about 106,000 head, compared to 105,000 head a week earlier. Total slaughter for a week earlier is projected at 546,000 head.
Boxed beef prices were higher on 89 loads. The Choice cutout gained $3.65 to close at $369.44, and the Select cutout gained $4.87 to close at $357.56.
Feeder cattle
Feeder cattle futures were higher, up $1.57 to close at $349.90 on the October contract and up 42 cents on the November contract to $348.55.
“The feeder cattle contracts ended Monday stronger too, being fueled once again by strong trader support, and by the fact that ample fundamental support is helping rally the cattle complex right now,” Stewart said.
The CME Feeder Cattle Index gained $3.46 to close at $348.55.
Corn futures were lower, down a penny apiece on the December and March contracts to close at $4.55 and $4.68, respectively.
Iowa: Russell Livestock in Russell sold 1,601 head on Monday. Compared to the last auction two weeks earlier, steers under 550 lbs. and over 650 lbs. sold sharply higher, while steers between 550-65- lbs. sold $2-5 lower. Heifers sold mostly $4 higher. Benchmark steers averaging 783 lbs. sold from $339-370.25, averaging $363.41.
Missouri: Joplin Regional Stockyards in Carthage sold 8,000 head on Monday. Compared to a week earlier, at the mid-session, feeder steers under 600 lbs. sold from $5 lower to $5 higher. Heavier weights sold $5-12 higher. Feeder heifers sold from $4-13 higher. Benchmark steers averaging 770 lbs. sold from $338-364, averaging $353.40.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 6,000 head on Monday. Compared to a week earlier, feeder steers sold $5-15 higher, and 600-700 lbs. sold $20-30 higher. Feeder heifers sold $2-10 higher. Steer and heifer calves sold $15-30 higher. Benchmark steers averaging 772 lbs. sold from $336-375.25, averaging $367.07. — Anna Miller Fortozo, WLJ managing editor
