Tuesday markets
The cattle complex took back some of the gains from yesterday, closing slightly lower.
Live cattle closed mixed, with the December contract up 25 cents to $153.80 and the February contract down 30 cents to $156.42.
“Today’s pullback did not quite fill the small gaps left by yesterday’s strong opening,” Cassie Fish, market analyst for The Beef, wrote. “The tight trading range and light volume today is hinting that holiday-slowed trading is in force and is likely to become more dominant tomorrow and Friday.”
Trade was nonexistent, with only 239 head sold—not enough for a market trend.
On the formula side, 26,900 head averaging 879 lbs. sold for an average of $247.03.
The national weekly direct beef type price distribution for the week of Nov. 14 to Nov. 21 was the following on a live basis:
• Negotiated purchases: $152.88.
• Formula net purchases: $154.17.
• Forward contract net purchases: $150.97.
• Negotiated grid net purchases: $154.47.
On a dressed basis:
• Negotiated purchases: $242.04.
• Formula net purchases: $245.20.
• Forward contract net purchases: $236.29.
• Negotiated grid net purchases: $244.74.
Slaughter for today is expected to be 129,000 head, the same as last week.
Boxed beef closed higher on 157 loads, with the Choice cutout up $1.06 to $256.63 and the Select cutout up 95 cents to $234.18.
Feeder cattle
Feeder cattle closed lower, with the January contract down 95 cents to $181.67 and the March contract down 52 cents to $184.57. The CME Feeder Cattle Index was unchanged at $174.64.
Corn closed lower, with the December contract down 2 cents to $6.56 and the March contract down 4 cents to $6.59.
Iowa: Russell Livestock Feeder Cattle in Russell sold 2,920 head Monday. Russell held a special sale, and steers sold mixed, with 500-550 lbs. $7.25 higher and 700-750 lbs. $7.30 lower. Heifers were also mixed, with 550-600 lbs. $5.40 lower and 600-650 lbs. steady. Benchmark steers averaging 714 lbs. sold between $155-180.50, averaging $173.15.
Nebraska: Tri-State Livestock Auction in McCook sold 1,506 head Monday. Compared to the previous auction, steers and heifers sold $3-5 higher. A group of steers averaging 661 lbs. sold between $171-180.50 and averaged $177.76.
New Mexico: Roswell Livestock Auction in Roswell sold 1,926 head Monday. Compared to the last auction, steer calves sold $4-15 higher, with instances of $25-30 higher on steer calves 500-550 lbs. Heifer calves sold $6-18 higher. Feeder steers 600-650 lbs. sold $3-5 higher, with 650-700 lbs. $2-4 lower. Feeder heifers 600-650 lbs. sold $14-19 higher, with others not comparable. Benchmark steers averaging 723 lbs. sold between $163-171, averaging $168.02. — Charles Wallace, WLJ editor
