Monday markets
Cash cattle trade has been at a standstill today, with only 47 head sold on the cash market. Last week in the five-area feeding regions, live purchases moved mostly at $107. For the prior week in Nebraska, dressed purchases moved at $168 and at $167-168 in the western Corn Belt.
Nearly 26,500 head traded on the formula grid, weighing 886 lbs. and bringing $167.65.
“While the other livestock contracts trade back and forth, the live cattle market is keeping with its steady upward progression through Monday’s mostly uneventful trade,” reported DTN Livestock Analyst ShayLe Stewart.
Live cattle futures rallied from last Friday, gaining 65 cents on both the October and December contracts to settle at $108.83 and $111.75, respectively.
Slaughter is projected to be 119,000, 1,000 head above last week and last year.
Boxed beef prices were mixed: On 132 loads, the Choice cutout dropped $1.90 to $216.98 and the Select cutout gained 40 cents to $208.01. The cow beef cutout dropped $4.02 to $171.97.
Feeder cattle
“Feeder cattle contracts have traded back and forth throughout Monday’s morning, showing the complex is undecided where the market should head to and needing both technical and fundamental direction,” Stewart said.
Feeder cattle futures were up slightly, with the October contract gaining 15 cents to $140.05 and the November contract up 5 cents to $139.93. The latest known CME Feeder Cattle Index was down 22 cents to $142.72.
Lexington Livestock Market in Lexington, NE, sold 2,672 head last Friday and reported compared to two weeks ago, steers under 850 lbs. sold steady to $2 lower. Heifers 750-900 lbs. sold steady to $5 higher and over 900 lbs. sold $2 lower. Demand was good from the buyers in the crowd.
Ft. Pierre Livestock Auction in Ft. Pierre, SD, sold 2,605 head on Friday. Compared to the week prior, steers from 750-799 lbs. were steady to 1$ lower; steers from 900-999 lbs. were steady to $1 higher; heifers weighing 750-849 lbs. were $1-3 lower; heifers weighing 950-999 lbs. were $1-2 higher. — Anna Miller, WLJ editor
