Wednesday markets
It was a quiet trading day as cattle futures closed mixed while anticipating movement in cash trade.
“The live cattle complex is trading mildly higher as traders show light interest toward the market, but don’t have enough technical buy-in to do much,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Live cattle futures closed higher, with the June contract up 97 cents to $214.15 and the August contract up 80 cents to $ 208.65.
Cash trade was light, with 6,985 head sold. Live steers sold for $224-230, and dressed steers sold between $360-370.
According to USDA, a few early live purchases in Nebraska were reported from $229-230 (steady with last week), with a few early dressed purchases from $360-370. In the western Cornbelt, a few early purchases were reported at $230 and $360 respectively.
Today’s slaughter is estimated to be 120,000 head, 1,000 head above a week earlier.
Boxed beef prices were higher on 122 loads, with the Choice cutout up 84 cents to $359.59 and the Select cutout up $3.32 to $348.28.
Feeder cattle
Feeder cattle futures were mixed, with the May contract up 30 cents to $296.30 and the August contract down $1.07 to $296.42. All deferred contracts were lower.
“Although the live cattle complex is lending support, the feeder cattle contracts are mostly trading lower into Wednesday’s noon hour as traders don’t feel comfortable advancing the contracts at this point,” Stewart wrote. “Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering.”
The CME Feeder Cattle Index was down $1.53 to 297.33.
Corn futures closed higher, with the July contract up 6 cents to $4.61 and the September up 7 cents to $4.42.
Missouri: Ozarks Regional Stockyards in West Plains sold 5,102 head on Tuesday. Compared to the last auction, feeder steers were steady to $6 higher and heifers were steady to $3 lower. Steer and heifer calves under 700 lbs. were uneven from $6 lower to $6 higher. Benchmark steers averaging 710 lbs. sold between $320-335, averaging $333.14.
Texas: Lonestar Stockyards in Wildorado sold 1,013 head on Tuesday. Compared to the last auction, feeder heifers traded mostly $6 higher. There were not enough comparable sales on feeder steers for a market trend and calves were too lightly tested for a market trend. A group of steers averaging 831 lbs. sold for $289.25.
Utah: Producers Livestock in Salina sold 382 head on Wednesday. Compared to the previous auction, heavy muscled feeder steers sold $2-5 higher, while lighter muscled steers sold steady to $2 lower. Feeder heifers sold steady to $7 lower. A group of steers averaging 720 lbs. sold between $297.50-315, averaging $311.66. — Charles Wallace, WLJ contributing editor
