Wednesday markets
A post-election surge in the equities market has given support to the livestock complex.
Live cattle futures were higher, with the December contract up 62 cents to $185.40 and the February contract up 77 cents to $186.72.
“As the live cattle complex watches the equity market thrive and the Dow Jones trading consistently around 1,300 points higher this morning—traders are back to mildly supporting the live cattle complex even though the market was pressured earlier this week,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade has yet to take place, with only 15 head sold.
On the formula side, 15,300 head averaging 893 lbs. sold for an average of $303.76.
Today’s slaughter is estimated to be 125,000 head, 1,000 head above a week earlier.
Boxed beef prices were lower on 131 loads, with the Choice cutout down $1.62 to $315.59 and the Select cutout down $2.04 to $283.20.
Feeder cattle
Feeder cattle futures were triple digits higher, with the November contract up $1.55 to $247.70 and the January contract up $1.67 to $244.02. The CME Feeder Cattle Index was down a penny to $250.72.
Corn futures were also higher, with the December and March contracts up 7 cents to $4.26 and $4.39, respectively.
Colorado: Winter Livestock in La Junta sold 659 head on Tuesday. Compared to the last auction, feeder steers under 600 lbs. sold $18 higher. Steers 600-800 lbs. sold $1-3 lower, with instances of sharply lower and over 800 lbs. sold $7-13 lower. Feeder heifers under 500 lbs. sold $22 higher. Heifers 500-600 lbs. sold $1-8 lower, 600-750 lbs. sold $5-8 higher, while heifers over 750 lbs. were $4-9 lower, with instances of sharply lower. Benchmark steers averaging 736 lbs. sold for $240-260, averaging $246.62.
Wyoming: Winter Livestock in Riverton sold 2,902 head on Tuesday. Compared to the last auction, feeder steers under 500 lbs. sold with instances of $8-11 lower, over 500 lbs. sold with instances of $3-5 higher, and 600 lbs. were $9 lower. Heifer calves under 400 lbs. sold $7-12 lower, over 400 lbs. sold with instances of $3-10 higher, 450 lbs. calves were $4-6 lower and over 600 lbs. sold $9-12 lower. A group of steers averaging 679 lbs. sold for $255. — Charles Wallace, WLJ contributing editor
