Monday markets
“The livestock contracts don’t seem to be too worried about it being a shortened holiday week for the markets, as they all jumped higher upon Monday’s arrival,” remarked ShayLe Stewart, DTN livestock analyst.
Live cattle futures were higher, with the December contract up 90 cents to $134.42 and the February contract up $1.27 to $138.97.
A small amount of cash trade took place today. A total of 1,203 head sold: not enough for a market trend. Dressed steers sold for $212. On the formula side, a total of 35,700 head averaging 884 lbs. sold for $210.82.
Cash trade through the end of last week totaled 116,750 head, nearly reaching the 180,000 head of a week earlier, which has been the high of 2021.
“Upon seeing how many cattle were bought through the cash cattle market last week and how many of them were committed for nearby delivery, feedlots are ecstatic to see that packers are still close to the knife and will likely be willing to buy cattle at higher prices again this week as demand pushes them to do so,” Stewart said.
Slaughter for the day is projected at 122,000 head. This week’s total slaughter will likely be lower due to the Thanksgiving holiday.
Boxed beef prices were mixed on 124 loads. The Choice cutout increased 84 cents to $279.25, and the Select cutout lost 10 cents to $263.73.
Feeder cattle
“The momentum in the feeder cattle market is exceptional as the market rallies upon the support stemming from a robust cash cattle market and doesn’t seem too concerned about the grain market’s rally thus far as the entire feeder cattle complex rallies onward,” Stewart said.
Feeder cattle futures were higher, with the January contract up 77 cents to $161.70 and the March contract up 72 cents to $164.10. The CME Feeder Cattle Index gained 64 cents to close at $156.29.
Corn futures also saw gains today, with the December contract up 6 cents to $5.76 and the March contract up 7 cents to $5.84.
Missouri: Joplin Regional Stockyards in Carthage sold 12,000 head Monday. Compared to the sale a week earlier, feeder steers and heifers traded $2-5 higher. Benchmark steers averaging 776 lbs. sold between $156.25-171 and averaged $161.86.
Oklahoma: Oklahoma National Stockyards in Oklahoma City sold 10,000 head on Monday. Compared to a week earlier, feeder steers sold steady to $2 higher, and feeder heifers sold steady to $4 higher. Demand was moderate to good for feeder cattle. Steers calves sold $2-6 higher, and heifer calves sold $4-10 higher. Demand was very good for calves. Benchmark steers averaging 757 lbs. sold for $166.50.
South Dakota: Sioux Falls Regional Cattle Auction in Worthing sold 2,204 head on Monday. Compared to the previous sale, feeder steers 400-450 lbs. sold $34-35 higher; 450-500 lbs. sold $23-25 higher; 550-600 lbs. sold $17-18 higher; 600-650 lbs. sold steady to $3 lower; 650-700 lbs. sold $10-12 higher; 700-750 lbs. sold $1-3 higher; and 950 lbs. and higher sold $3-6 higher. Feeder heifers 400-450 lbs. sold $24 higher; 450-500 lbs. sold $5-8 higher; 500-550 lbs. sold $3-5 higher; 550-600 lbs. sold $3-4 lower; 600-700 lbs. sold $5-8 lower; and 750-800 lbs. sold steady to $4 lower. Benchmark steers averaging 726 lbs. sold between $158.50-164.50, averaging $163.19. — Anna Miller, WLJ managing editor
