Tuesday markets
Cattle futures closed mixed to start off the month.
Live cattle futures closed mixed, with the October contract 12 cents lower to close at $239.52 and the December contract gained 37 cents to $241.15.
Cash trade was light, with 128 head sold—not enough for a market trend.
On the formula side, 35,000 head averaging 927 lbs. sold for an average of $386.35.
Cash trade for the week ending Aug. 31 was 59,650 head. Live steers averaged $244.13, and dressed steers sold for an average of $385.76.
“Cash cattle activity remains quiet with both buyers and sellers still busy taking inventory and preparing for the week ahead,” DTN wrote in the midday livestock comments. “Bids and asking prices are not established, and significant trade volume will likely be delayed until much later in the week. Last week, the bulk of trade took place on Thursday and Friday, with Southern live deals showing a range of $238 to mostly $242, $2 higher than the previous week’s weighted averages.”
Today’s slaughter is estimated to be 120,000 head, 2,000 head above the prior week.
Boxed beef prices were lower on 122 loads, with the Choice cutout $1.99 lower to $413.42 and the Select cutout down $3.83 to $386.17.
Feeder cattle
Feeder cattle futures were mostly lower, with the September contract losing 52 cents to $364.25 and the October contract down 77 cents to close at $363.70.
The CME Feeder Cattle Index was 15 cents higher to $365.38.
Corn futures closed higher, with the September contract up 5 cents to $4.03 and the December contract up 2 cents to $4.23.
Auction markets were closed for the Labor Day holiday.
South Dakota: Ft. Pierre Livestock in Ft. Pierre sold 3,291 head on Friday. Compared to the last auction two weeks ago, best test on steers 950-999 lbs. sold $8-12 higher, and heifers 900-949 lbs. were $6-8 higher on limited comparisons. Other weight classes were too limited to make a good comparison. Benchmark steers averaging 788 lbs. sold for $378-389, averaging $387.98. — Charles Wallace, WLJ contributing editor
