Wednesday markets
Cattle futures closed slightly higher, extending their uptrend and setting a new high for the week.
Live cattle futures closed slightly higher, with the June contract up 25 cents to $253.47 and the August contract up 55 cents to $248.90.
Again today, the live cattle contracts are mildly trading higher into Wednesday’s noon hour,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Following the slight technical regression late last week and through Monday’s close, the market is no longer up against immediate resistance pressure and is able to trade slightly higher without fears of pressuring resistance thresholds.”
Cash trade was light, with 367 head sold.
On the formula side, 20,900 head averaging 937 lbs. sold for an average of $396.52.
“There’s a single bid on the table at $400 currently in Nebraska, but otherwise the market remains quiet in the cash sector and no cattle have traded yet,” Stewart wrote. “It’s still assumed that the bulk of this week’s trade will be delayed until Thursday or Friday. Asking prices have still not been established.”
Today’s slaughter is estimated to be 108,000 head, 1,000 head below last week.
Boxed beef prices were lower on 107 loads, with the Choice cutout down $2.72 to $389.62 and the Select cutout $2.61 lower to $389.63.
Feeder cattle
Feeder cattle futures also closed slightly higher, with the May contract up 57 cents to $372.40 and the August contract up 75 cents to $373.05.
The CME Feeder Cattle Index was 21 cents lower to $375.33.
Corn futures closed lower, with the May contract down 12 cents to $4.52 and the July contract down 11 cents to $4.68.
Texas: Lonestar Stockyards in Wildorado sold 830 head on Tuesday. Compared to the last auction, feeder steers and heifers traded mostly $2-6 higher. A group of steers averaging 705 lbs. sold for $397.50.
Utah: Producers Livestock in Salina sold 628 head on Tuesday. Compared to the last auction, feeder cattle sold sharply higher on calves and yearlings. Benchmark steers averaging 730 lbs. sold for $406-416, averaging $406.63. — Charles Wallace, WLJ contributing editor
