Tuesday markets
Today’s cash trade was limited on light to moderate demand, with only 1,570 head trading. There were not enough purchases in any feeding region for an adequate market test, and the latest established market was last week in the Texas Panhandle and Nebraska, with live purchases trading $103-103.50.
Dressed purchases in the western Corn Belt moved from $162-164. A total of 18,800 head sold on the formula grid, weighing 875 lbs. and bringing $165.71.
Live cattle futures were down across the board; the October contract down 23 cents to $106.48, December down 43 cents to $110.18, and February down $1.05 to $114.20.
“The week is gearing up to be another week of standoff trade for the cash cattle market as bids are illusive, and feeders are nonchalant about developing their asking prices,” reported ShayLe Stewart, DTN livestock analyst.
Cattle slaughter is expected to be 121,000 head for the day, up 1,000 head from last week and up 4,000 head from last year. Boxed beef prices have remained fairly steady but mixed, with the Choice cutout losing 78 cents to $215.44 and the Select cutout gaining 48 cents to $206.30 on 162 loads.
Feeder cattle
Feeder cattle futures were mixed, but mostly down: The September contract was up 63 cents to $141.70, October down $1.63 and November down $1.55. The latest known CME Feeder Cattle Index was down 14 cents to $142.05.
“The market is suffering from a lack of trader interest as traders see opportunity in the lean hog market as opposed to the cattle market,” Stewart said.
OKC West Livestock Auction in El Reno, OK, reported 1,800 head sold today. Compared to last Tuesday, steer and heifer calves were lightly tested last week, however where comparable trades could be noted, steers traded $3-4 lower and heifer calves steady to $1 lower. Demand was moderate.
Joplin Regional Stockyards in Carthage, MO, sold 5,679 head yesterday. Compared to last week, steer and heifer calves sold steady, yearling steers steady, and yearling heifers steady to $3 higher, with the increase on the 600 weights. The offering was a mix of unweaned and weaned vaccinated calves, along with several yearlings. — Anna Miller, WLJ editor
