Monday markets
It was a lower day for the cattle market as prices were down on the board and cash trade was light.
Live cattle futures were lower, down 47 cents apiece on the October and December contracts, closing at $231.32 and $233.82, respectively.
Cash trade for the day totaled about 100 head. Dressed steers sold for $360. On the formula side, a total of 34,200 head averaging 923 lbs. sold for an average of $382.33.
Cash trade for the week ending Sept. 14 totaled 56,656 head. Live steers averaged $237.39, and dressed steers averaged $370.82.
“Packers purchased 57k cattle last week, $3.39/cwt lower based on the 5-area average,” wrote Cassie Fish, market analyst, in The Beef. “The cash market has dropped almost $10 in three weeks or just under 4% of its value. Packers were willing to take on inventory lower and of the 57k head, 19k were bought with time.”
Slaughter for the day is estimated at 113,000 head, compared to 110,000 head a week earlier. Total slaughter for a week earlier is projected at 550,000 head.
Boxed beef prices were lower on 117 loads. The Choice cutout lost 75 cents to close at $370.68, and the Select cutout lost $3.55 to close at $348.89.
Feeder cattle
Feeder cattle futures were also lower, down 80 cents to $356.20 on the October contract and down 60 cents on the November contract to $353.87.
The CME Feeder Cattle Index gained 94 cents to close at $365.04.
“More than anything the futures complex seems to be held at a mere standstill, looking for support to develop, or waiting for more pressure to build to send the contracts one way or another,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “From the boots on the ground perspective, demand should remain strong for feeder cattle as supplies aren’t going to become ample anytime soon.”
Corn futures were lower, down less than a penny on the December and March contracts to $4.21 and $4.38, respectively.
Missouri: Joplin Regional Stockyards in Carthage sold 8,500 head on Monday. Compared to a week earlier, feeder steers sold steady to $10 lower and feeder heifers sold from $5 lower to $5 higher. Benchmark steers averaging 774 lbs. sold from $364-389, averaging $375.99.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 5,000 head on Monday. Compared to a week earlier, feeder steers and heifers sold steady to $3 lower in a very light test. Steer and heifer calves sold $5-10 lower on lesser quality. Benchmark steers averaging 773 lbs. sold from $355-369.50, averaging $364.77.
South Dakota: Sioux Falls Regional in Worthing sold 3,056 head on Monday. Compared to a week earlier, there was a much larger offering of feeder steers and heifers. Steers were not well compared, and heifers sold unevenly steady. A group of benchmark steers averaging 764 lbs. sold for $380. — Anna Miller Fortozo, WLJ managing editor
