Tuesday markets
Cattle futures closed mixed, as traders remain cautious amid wait-and-see sentiment.
Live cattle futures closed lower, with the December contract down $1.25 to close at $220.02 and the February contract 92 cents lower to $220.85.
“No developments have surfaced in the fed cash cattle market, and trade will likely be delayed until later in the week, as that’s usually what happens whenever a Cattle on Feed report is released,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “No bids or asking prices are currently on the table.”
Cash trade was light, with 126 head sold—not enough for a market trend.
On the formula side, 30,600 head averaging 955 lbs. sold for an average of $369.32.
The national weekly direct beef type price distribution for the week of Nov. 10-17 was the following on a live basis:
• Negotiated purchases: $224.92.
• Formula net purchases: $236.36.
• Forward contract net purchases: $206.06.
• Negotiated grid net purchases: $241.04.
On a dressed basis:
• Negotiated purchases: $351.49.
• Formula net purchases: $370.40.
• Forward contract net purchases: $326.06.
• Negotiated grid net purchases: $372.72.
Today’s slaughter is estimated to be 121,000 head, 5,000 head above a week earlier.
Boxed beef prices were mixed on 163 loads, with the Choice cutout $1.54 higher at $371.95 and the Select cutout $1.35 lower at $354.95.
The pre-report estimates for Friday’s Cattle on Feed report show that feedlots with 1,000 head or greater will be 97.7% for cattle on feed in November. Placements in October are estimated to be 91.6%, and marketings for October are predicted at 92.3%.
Feeder cattle
Feeder cattle futures closed mixed, with the November contract 92 cents higher to $340.77 and the January contract 22 cents lower to close at $326.05.
The CME Feeder Cattle Index was $1.84 lower to $341.89.
Corn futures were higher, with the December contract 2 cents higher to $4.36 and the March contract up a penny to $4.49.
Iowa: Russell Livestock in Russell sold 3,056 head on Monday. Compared to the last auction two weeks ago, steers sold mostly $6-15 lower. Heifers sold mostly $2-11 lower. Benchmark steers averaging 729 lbs. sold for $324-374 and averaged $347.04.
New Mexico: Roswell Livestock in Roswell sold 1,290 head on Monday. Compared to the last auction, steer calves 300-350 lbs. sold $5 lower, 350-450 lbs. were $20 higher, 450-550 lbs. sold $5-20 lower and 550-600 lbs. were $4 higher. Steer yearlings 600-750 lbs. sold $17-19 lower, and 750-800 lbs. were $5 lower. Heifer calves 300-400 lbs. sold $15-20 lower, 400-450 lbs. were $5 higher, 450-550 lbs. sold $5-20 lower and 550-600 lbs. were $5 higher. Feeder heifers 600-650 lbs. sold $12-20 higher. Benchmark steers averaging 729 lbs. sold for $300-315 and averaged $309.52.
Texas: Giddings Livestock in Giddings sold 962 head on Monday. Compared to the last auction, feeder steers and heifers under 600 lbs. were steady, while over 600 lbs. were steady to $2 higher. Benchmark steers averaging 718 lbs. sold for $317-345, averaging $336.31. — Charles Wallace, WLJ contributing editor
