Wednesday markets
Markets were mostly higher today, with cash trade volume and prices steady to higher.
Live cattle futures were up, with the October contract up 95 cents to $125.95 and the December contract up 50 cents to $130.52.
“Nearby contracts are slightly above last week’s lows, which may indicate traders trying to establish a more stable range,” wrote Rick Kment, DTN contributing analyst, in his midday comments.
There was a good chunk of cash trade today, with a total of 36,312 head sold. Live steers sold between $123-127 and averaged $124.29. Dressed steers sold between $195-196. On the formula side, a total of 22,000 head averaging 863 lbs. sold for an average of $206.28.
The Fed Cattle Exchange hosted its weekly online auction and listed 2,757 head, of which none actually sold. The Exchange also plans to host a special sale tomorrow morning.
Slaughter for the day is projected at 121,000 head, a thousand head more than last Wednesday. This brings the week’s total so far to 362,000 head, just a thousand head under the same time last week.
Boxed beef prices were mixed on 128 loads. The Choice cutout lost 85 cents to close at $280.03, and the Select cutout gained $1.27 to close at $262.80. The Choice/Select spread is closing up, at $17.23.
Feeder cattle
Feeder cattle futures were also in the green. The October contract gained 82 cents to close at $155.92, and the November contract gained 50 cents to close at $159.35.
The CME Feeder Cattle Index lost 7 cents to close at $154.03.
Corn futures were higher, with the December contract up 9 cents to $5.39 and the March contract up 8 cents to $5.47.
“The focus on limited movement in live cattle trade, combined with uncertainty as to how the upcoming Cattle on Feed report will impact trade, has helped draw buyers back into the market. But it is going to be a difficult task to push prices significantly higher over the next couple of days with markets likely to wander within a moderate trading range,” Kment said.
Colorado: Winter Livestock in La Junta sold 758 head Tuesday. Compared to a week earlier, steer and heavier calves were lightly tested. Yearling feeder steers were steady to $1 higher, except 850-900 lbs. were $5 higher. Yearling feeder heifers sold mostly steady. Benchmark steers averaging 787 lbs. sold between $148.50-149.50, averaging $149.10. — Anna Miller, WLJ managing editor
