Monday markets
The market climbed higher today on the board, although cash trade for the day was inactive.
Live cattle futures were higher, with the October contract up 47 cents to $190.17 and the December contract up 12 cents to $189.27.
“The live cattle complex wasn’t sure if there was going to be enough support in today’s market to allow its contracts to trade higher—especially with seeing steady on-feed totals presented in Friday’s Cattle on Feed report—but thankfully traders found merit in the market’s fundamentals and allowed for a higher close,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was light, with less than 300 head sold. On the formula side, a total of 39,900 head averaging 914 lbs. sold for an average of $299.39.
“The market’s underlying attitude remains bullish and somewhat eager to continue to trade higher—but traders won’tlikely advance the contract without first seeing what the cash cattle market does which won’t be until later in the week,” Stewart said.
Cash trade for the week ending Oct. 20 totaled 78,941 head. Live steers averaged $187.63, and dressed steers averaged $296.41.
Slaughter for the day is estimated at 121,000 head, a thousand head more than a week earlier. Total slaughter for a week earlier is projected at 623,000 head.
Boxed beef prices were mixed on 156 loads, with the Choice cutout up $1.26 to $323.50 and the Select cutout down $2.90 to $292.18.
Feeder cattle
Feeder cattle futures were higher, with the October contract up 45 cents to $250.07 and the November contract up 62 cents to $249.20.
“If fundamental support remains plentiful throughout the week, traders may be able to pass that threshold confidently for the near term,” Stewart said.
The CME Feeder Cattle Index gained 28 cents to close at $249.37.
Corn futures were lower, with the December contract down 4 cents to $4.10 and the March contract down 4 cents to $4.24.
Missouri: Joplin Regional Stockyards in Carthage sold 6,500 head on Monday. Compared to a week earlier, feeder steers sold steady to $4 higher and feeder heifers sold steady to $3 lower. Benchmark steers averaging 732 lbs. sold from $253-264, averaging $256.61.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 8,500 head on Monday. Compared to the previous sale, feeder cattle and calves sold steady and demand was good. Benchmark steers averaging 730 lbs. sold from $234-263, averaging $254.75. — Anna Miller, WLJ managing editor
