Tuesday markets
After Monday’s day of trade, the cattle complex is pressured as buyers wait to see where short-term contracts head. December corn continues to gain, up 3 cents a bushel to $4.08. Cash trade was limited on light demand in all feeding regions, but a few live purchases traded in the Southern Plains at $106. A total of 13,576 head traded hands from $103-106, with an average of $105.33. Dressed purchases traded at an average of $165.24.
CME live cattle futures were up slightly: The October contract gained 12 cents to $104.12 and December was up 30 cents to $105.45.
Slaughter for the day is expected at 121,000 head, compared to last week’s 120,000 head and last year’s 119,000 head. Boxed beef markets were mixed on a load of 190 with the Choice cutout up 86 cents to $210.60 and the Select cutout down 17 cents to $191.67.
Feeder cattle
“Wondering how contracts are going to fare over the next couple of weeks/months remains a big market to the feeder cattle complex,” remarked DTN Livestock Analyst ShayLe Stewart. “As corn prices keep scaling higher, buyers are pushed away from the market as break-even levels continue to change and buyers are worried about the long-term outcome of the contracts.”
CME feeder cattle futures were mixed: The October contract was down 10 cents to $134.50 and November was up 70 cents to $130.77. The latest CME Feeder Cattle Index was down $1.60 to $138.66.
Oklahoma National Stockyards sold 5,974 head yesterday. Compared to the week prior, feeder steers sold $3-8 lower. Feeder heifers sold $1-5 lower. Demand was moderate for feeder cattle with cattle futures closing sharply lower on Monday. Heifer calves sold steady to $3 lower. Steers weighing 704-747 lbs. sold at $129-135.
Winter Livestock had their Seasonal Feeder Cattle Saleand sold 7,454 head. Compared with the week prior, calves sold uneven. Steers under 500 lbs. sold $5-8 higher with instances of $10 higher; 500-700 lbs. sold $3-5 lower; over 700 lbs. sold $1-2 lower. Heifer calves under 350 lbs. sold steady; 350-400 lbs. sold $2-4 lower; 400-500 lbs. sold steady to $5 higher advance on 400-450 lbs.; 500-650 lbs. sold $3-5 lower; over 650 lbs. sold mostly steady. Benchmark steers averaging 713 lbs. sold from $129-133. — Anna Miller, WLJ editor
