Wednesday markets
Some momentum is beginning to build in the livestock complex.
Live cattle rallied modestly, with gains of $1 on the October contract to $105.85, 62 cents on the December contract to $104.67 and 67 cents on the February contract to $107.70.
Cash trade was mostly inactive on light demand in all feeding regions, but a total of 5,228 head sold, up quite a bit from the past two days. Live steers averaged $104.35 and traded between $101-106.25. Dressed steers averaged $158.28 and traded from $158-160.
The Fed Cattle Exchange was unable to host their weekly sale today due to technical difficulties.
Boxed beef prices were mixed again on 173 loads, with the Choice cutout down 91 cents to $205.79 and the Select cutout up 91 cents to $189.58. Today’s slaughter is estimated at 118,000 head compared to last week’s 121,000 head and last year’s 118,000 head. To date this week, 350,000 cattle have been slaughtered.
Feeder cattle
Feeder cattle contracts are trying hard to make a comeback with the market rallying three days in a row. Today’s support comes from the corn contract falling 14 and a half cents to $4.01.
Futures contracts were all green: The October contract was up 87 cents to $135.17, November up $1.60 to $133.90, and January up $1.52 to $129.95. The latest CME Feeder Cattle Index was down 32 cents to $133.32.
“If the market can keep this forward momentum, and see some progress made in the live cattle market—buyers could be somewhat more willing to look at feeder cattle and calves selling this fall,” remarked DTN Livestock Analyst ShayLe Stewart.
Today, Winter Livestock in Dodge City, KS, sold 456 head of feeder cattle. There were low receipts due to weather. There were not enough steers and heifers for a market test, however a lower market was noted. Slaughter cows sold unevenly steady. Slaughter bulls sold $2-3 higher. A group of steers averaging 724 lbs. sold between $124-126.75, averaging $125.33.
Bassett Livestock Auction in Bassett, NE, sold 2,435 head today. Compared with two weeks ago 550-600-lb. steers traded steady to $7 lower and 850-950-lb. steers traded $7-8 lower. Spayed heifers weighing 850 lbs. traded $2 lower. Demand was moderate to good with high internet bidding. Steers averaging 562 lbs. sold between $153.50-166, averaging $158.89. — Anna Miller, WLJ editor
