Monday markets
The cattle market closed the day lower, following Friday’s losses.
Live cattle futures closed lower. The October contract lost $1.60 to close at $217.25, and the December contract lost $1.50 to close at $219.97.
Cash trade for the day was limited. On the formula side, a total of 31,300 head averaging 938 lbs. averaged $361.93.
“The live cattle complex ended the day lower as traders were fearful of being too supportive of the complex early in the week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “But if Monday’s boxed beef demand is any indication of the support that the market will at least see from boxed beef prices, that’s a good start.”
Cash trade for the week ending Oct. 4 totaled 88,019 head. Live steers averaged $219.01, and dressed steers averaged $345.
Slaughter through the day totaled 105,000 head, compared to 95,000 head a week earlier. Total slaughter for a week earlier is expected at 548,000 head.
Boxed beef prices were higher on 67 loads. The Choice cutout gained $4.07 to $378.26, and the Select cutout gained $4.08 to $358.57.
Feeder cattle
“And in keeping in alignment with the live cattle complex the feeder cattle contracts also ended the day lower,” Stewart said.
The October contract lost 77 cents to $333.85, and the November contract lost $1.02 to $330.12.
The CME Feeder Cattle Index lost $2.13 to close at $336.84.
Corn futures were mixed; down 4 cents on the December contract to $4.97 and unchanged on the March contract to $5.11.
Missouri: Joplin Regional Stockyards in Carthage sold 7,000 head on Monday. Compared to a week earlier, feeder steers and heifers sold steady to $5 lower at the mid-session. A group of benchmark steers averaging 763 lbs. sold for $338.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 4,700 head on Monday. Compared to the previous sale, feeder steers over 800 lbs. sold steady to $2 lower and under 800 lbs. sold $3-8 lower. Feeder heifers sold mostly steady; 600-700-lb. heifers sold $5 higher. Benchmark steers averaging 785 lbs. sold from $337-353.50, averaging $340.47.
South Dakota: Sioux Falls Regional in Worthing sold 1,568 head on Monday. Yearling feeder steers sold with higher undertones, and heifers were not well compared. A group of benchmark steers averaging 773 lbs. sold for $348. — Anna Miller Fortozo, WLJ managing editor
