Monday markets
The market started out the week on an optimistic note, trading higher across the board.
Live cattle futures were higher, with the October contract up 85 cents to $231.87 and the December contract up $2.17 to $236.67.
“It’s impressive to see that the spot December contract closed above its 40-day moving average for the first time in six trading days, which could prove to be a pivotal springboard for the market as fundamental support continues to encourage traders,” said ShayLe Stewart, DTN livestock analyst, in her closing comments.
There was no cash trade reported for the day. On the formula side, a total of 25,700 head averaging 931 lbs. sold for $377.18.
Cash trade for the week ending Oct. 5 totaled 53,446 head. Live steers averaged $230.69, and dressed steers averaged $359.81.
Slaughter for the day is estimated at 101,000 head, about 12,000 head short of a week earlier. Projections for last week’s total slaughter are unavailable due to limited USDA National Agricultural Statistics Service reports during the government shutdown.
Boxed beef prices were higher on 143 loads. The Choice cutout gained $1.07 to close at $363.34, and the Select cutout gained $2.59 to $347.97.
Feeder cattle
“It was a robust day for the feeder cattle complex as not only did the market see ample trader support, but buyers were aggressive in the countryside as well,” Stewart said.
Feeder cattle futures were several dollars higher. The October contract gained $5.22 to close at $362.50, and the November contract gained $5.37 to close at $360.80.
“The market may be faced with some pressure on Tuesday as it’s near resistance levels,” Stewart said.
The CME Feeder Cattle Index lost $3.08 to close at $361.63.
Corn futures were higher, up 2 cents apiece on the December and March contracts to $4.21 and $4.38, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 5,541 head on Monday. Compared to a week earlier, feeder steers generally sold steady to $15 higher, except five-weights sold $10-25 higher and four-weights sold $5-15 lower. Feeder heifers sold unevenly across various weight ranges from $8 higher to $8 lower. Benchmark steers averaging 772 lbs. sold from $371-403, averaging $394.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,500 head on Monday. Compared to a week earlier, feeder steers sold mostly steady and feeder heifers over 700 lbs. sold steady to $4 higher, while under 700 lbs. sold $1-4 lower. Steer calves sold $10-20 higher, and heifer calves sold mostly steady. Benchmark steers averaging 735 lbs. and sold from $366-388, averaging $376.31.
South Dakota: Sioux Falls Regional in Worthing sold 893 head on Monday. Compared to a week earlier, yearling steers were not well compared but yearling heifers sold with lower undertones. A small group of benchmark steers averaging 768 lbs. sold for $370. — Anna Miller Fortozo, WLJ managing editor
