Monday markets
There wasn’t a lot of movement today in the cattle markets, with cash trade light and futures mixed.
Live cattle futures were mixed, with the October contract up 5 cents to $125.62 and the December contract down 7 cents to $130.17.
Cash trade was practically nonexistent today, with only 256 head traded. On the formula side, a total of 33,000 head averaging 884 lbs. sold for an average of $197.53.
Total negotiated cash trade through the week ending Oct. 10 totaled 84,959 head. Live steers averaged $123, and dressed steers averaged $195.32.
“The pattern over the last few weeks is for moderate trade to develop on Wednesday, setting the tone for the week, which is likely to keep most from looking for direction too early in the week,” wrote Rick Kment, DTN contributing analyst, in his midday comments.
“Many will see if this pattern of midweek trade continues—and could limit any early interest from either side.”
Today’s slaughter totaled 121,000 head, a thousand head more than the same time last week. Total slaughter for last week is projected to reach 657,000 head, and actual slaughter through the first week of October totaled 642,571 head.
“At the same time boxed beef values continue to correct, the overvalued middle meats take the big and much-needed hit, while grinding material continues to be in strong demand,” remarked Cassie Fish, market analyst, in The Beef.
Boxed beef prices were mixed, with the Choice cutout down $2.15 to $281.12 and the Select cutout up 90 cents to $263.64.
The Cattle Report added: “Consumer complaints about beef prices at the store highlight the fact that many stores are just now catching up with the sky-high box prices from August. The declines of box prices in September and early October will slowly work their way into pricing at the nation’s supermarkets.”
Feeder cattle
Feeder cattle futures were also mixed today. The October contract lost 15 cents to close at $159.32, and the November contract gained 57 cents to close at $161.72. The CME Feeder Cattle Index lost 95 cents to close at $153.62.
“Weather and especially moisture will begin to play a large role in both placements into feedyards and grazing options in the wheat belt,” wrote The Cattle Report. “There comes a point in the year when moisture on wheat fields doesn’t help because the time for growth is too short before the heart of winter arrives.”
Corn futures made some small gains, with the December contract up 2 cents to $5.33 and the March contract also up 2 cents to $5.42.
Oklahoma: Oklahoma National Stockyards sold 8,200 head Monday. Compared to the previous sale, feeder steers sold $2-4 higher, and feeder heifers sold unevenly steady. Steer calves sold $3-5 higher, and heifer calves sold steady to $2 higher. Benchmark steers averaging 779 lbs. sold between $150-161.75, averaging $155.59.
Missouri: Joplin Regional Stockyards in Carthage sold 4,500 head Monday. Compared to a week earlier, feeder steers traded steady to $3 higher, and feeder heifers traded $2-6 higher. Benchmark steers averaging 776 lbs. sold between $152-153, averaging $152.37. — Anna Miller, WLJ managing editor
