Monday markets
Markets were uncertain today, with the upcoming election looming over everyone’s heads. Cash cattle trade was virtually nonexistent, with only 149 head sold. There were not enough purchases in any region for a market trend. Last week, Southern Plains live cattle sold at $106 and the week before Nebraska live cattle sold from $103-105. Last week’s cash cattle trade volume totaled 57,981 head, significantly lighter than usual.
A total of 18,600 head sold today on the formula grid, averaging 886 lbs. and $170.21.
“Until there’s clear consensus as to who will be president for the next four years, the market could continue to trade in a meek manner,” remarked DTN Livestock Analyst ShayLe Stewart.
Live cattle contracts were slightly up, with the new December contract up 25 cents to $108.55, February up 12 cents to $110.52 and April up 17 cents to $113.82.
Last week’s slaughter was down to 638,000 head, a few thousand head lower due to weather-related plant closures. Today’s slaughter was estimated at 119,000 head. Boxed beef prices are up slightly, with the Choice cutout up 55 cents to $208.65 and Select up $1.38 to $192.62.
Feeder cattle
“Following last week’s vast advancements, the market was hopeful to add further onto what last week gained but as the election pressures the market, traders are pulling up,” Stewart said.
Feeder cattle contracts settled mostly lower, with the November contract down 42 cents to $136.97, January down 7 cents to $134.05, and March up 30 cents to $133.82. The latest CME Feeder Cattle Index was down 22 cents to $136.48. The corn contract has maintained its position the last few trading days, dropping a penny from Friday to $3.97.
Last week’s ice storm made it difficult to transport cattle to auction, although sales were mostly steady at $3 lower to $2 higher.
Joplin Regional Stockyards in Carthage, MO, sold 2,910 head today. Compared to last week, steer and heifer calves sold $5-10 higher and yearlings $4-8 higher. Demand was good and supply light. Benchmark steers averaging 723 lbs. sold between $131-148.50, at an average of $142.44.
Oklahoma National Stockyards in Oklahoma City, OK, sold 3,000 head today. Compared to last week, feeder steers and heifers sold $10-12 higher. Steer and heifer calves sold $10-15 higher. Demand was good to very good and quality average to attractive. Livestock movement was still hampered by wet conditions. Benchmark steers averaging 718 lbs. sold between $134.50-139, at an average of $136.53. — Anna Miller, WLJ editor
