Wednesday markets
The cattle market boasted higher on the board today, although cash trade has yet to develop for the week.
Live cattle futures were higher, with the December contract up 52 cents to $151.80, and the February contract up $1.20 to $154.25.
“The live cattle complex is posting a tremendous day thus far as the contracts have stepped out into Wednesday’s market with an eager and aggressive tone, and hopefully their momentum will incentivize feedlots to hold cash prices at least steady,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade through the day was about 11,309 head. Live steers sold from $150-153, averaging $151.16. Dressed steers sold from $240-242, averaging $240.74. Through Wednesday, less than 20,000 head had sold.
On the formula side, a total of 15,400 head averaging 890 lbs. sold for an average of $241.81.
“Business could develop Wednesday afternoon, or it could hold off until sometime Thursday — as of right now it’s still anyone’s ball game,” Stewart said.
Slaughter for the day is estimated at 129,000 head, bringing the week’s total to about 386,000 head. A week earlier, slaughter through Wednesday was 381,000 head.
Boxed beef prices were lower on 170 loads. The Choice cutout lost $1.27 to close at $257.09, and the Select cutout lost 41 cents to close at $231.35.
Feeder cattle
Feeder cattle contracts were also higher, with the November contract up 2 cents to $175.70 and the January contract up 45 cents to $177.47.
The CME Feeder Cattle Index lost 20 cents to close at $174.98.
“With the nearby corn contracts only trading $0.01 to $0.02 lower, feeders aren’t pushing much of a rally as there’s enough volatility laced throughout the complex to keep traders cautious even on a good day,” Stewart said.
Corn futures were lower, with the December contract down a penny to $6.65 and the March contract also down a penny to $6.67.
Colorado: Winter Livestock in La Junta sold 1,137 head on Tuesday. Compared to a week earlier, steer and heifer calves sold mostly steady on the kind offered, Feeder steers and heifers were too lightly tested for a comparison. Benchmark steers averaging 777 lbs. sold for $171. — Anna Miller, WLJ managing editor
