Wednesday markets
Concerns over New World screwworm continue to negatively impact cattle futures.
“Without any significant fundamental support and concerns about New World screwworm still lingering, the live cattle contracts are trading lower into Wednesday’s noon hour,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Live cattle futures closed lower, with the June contract down $1.05 to $246.62 and the August contract $1.80 lower to $237.85.
Cash trade was active, with 28,968 head sold. Live steers sold for $255-256, and dressed steers sold between $401-410.
On the formula side, 25,800 head averaging 939 lbs. sold for an average of $411.12.
“Unfortunately, unless the fed cash cattle market were to surprise everyone and trade higher this week, a longer lower trend is likely to remain the market’s overarching theme,” Stewart wrote. Today’s slaughter is estimated to be 109,000 head, 2,000 head above last week.
Boxed beef prices were mixed on 91 loads, with the Choice cutout up $1.79 to $395.86 and the Select cutout down 38 cents to $384.43.
Feeder cattle
Feeder cattle futures closed over $5 lower, with the August and September contracts down $5.80 to $342.62 and $339.32, respectively.
The CME Feeder Cattle Index was $2.88 lower to $364.26.
Corn futures closed lower, with the July contract down 9 cents to $4.31 and the September contract 7 cents lower to $4.40.
New Mexico: Roswell Livestock in Roswell sold 520 head on Tuesday. Compared to the last auction, steer calves sold steady to higher, and feeder steers had no comparable numbers. Heifer calves sold higher, except 450-500 lbs. sold lower. Feeder heifers 600-650 lbs. sold steady. Benchmark steers averaging 762 lbs. sold for $350-360, averaging $356.72.
Utah: Producers Livestock in Salina sold 373 head on Tuesday. Compared to the last auction, steers and heifers sold unevenly steady throughout the day. A group of steers averaging 671 lbs. sold for $365-388.50, averaging $383.36. — Charles Wallace, WLJ contributing editor
