Wednesday markets
The day before Thanksgiving, the markets were in full swing and higher on all aspects.
Live cattle futures were higher today, with the December contract up $2.50 to $137.90 and the February contract up $1.45 to $140.87.
“If this live cattle market doesn’t give you something to be thankful for, I don’t know what will! Whether you want to talk about the new contract highs that are being seen throughout a large portion of the 2022 live cattle contracts or the bold rally that’s ignited the cash cattle market again this week, the live cattle market is a bull market,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
There was some cash trade today. A total of 27,395 head sold between $136-140, and dressed steers sold from $217-219. The week’s total for cash trade looks close to 77,000 head.
Slaughter for the day is projected at 121,000 head, bringing the week’s total to 365,000 head.
Boxed beef prices were moderately higher on 129 loads, with the Choice cutout up 47 cents to $279.11 and the Select cutout up 80 cents to $263.47. The Choice/Select spread was at $15.64.
Feeder cattle
“The feeder cattle market isn’t wasting any time hemming and hawing around the market, wondering if a rally is a good idea or not,” Stewart said. “Rather, the market continues to rally as the good news of continued support, and a continued rally throughout the live cattle market and cash cattle trade, has sparked a fire in the feeder cattle contracts.”
Feeder futures soared a couple of dollars higher. The January contract increased $2.55 to close at $166.92, and the March contract gained $2.22 to close at $167.90. The CME Feeder Cattle Index closed 40 cents higher to $157.83.
Corn futures were slightly lower, with the December contract down half a penny to $5.79 and the March contract down two pennies to $5.85.
“For the most part, the feeder cattle market will be quiet throughout the countryside for the rest of the week as sale barns will be taking time off to enjoy the Thanksgiving holiday as well,” Stewart said.
Colorado: Winter Livestock in La Junta sold 1,468 head Tuesday. Compared with last week, steer calves sold steady to $2 higher on 600-650 lbs. Heifer calves under 550 lbs. sold mostly steady in a light test, 550-650 lbs. sold $2-3 higher and over 650 lbs. sold steady. A group of unweaned steers averaging 702 lbs. sold for $141. — Anna Miller, WLJ managing editor
