Wednesday markets
Cattle futures closed mostly higher Wednesday, holding within Monday’s trading range as the market maintained its bullish tone.
“CME cattle futures have run up and down the same piece of road each day this week,” wrote Cassie Fish, market analyst, in The Beef. “After gapping higher Monday, the market has pretty much stayed in Monday’s trading range yesterday and again today.”
Live cattle futures closed higher, with the October contract up $2.15 to $220.92 and the December contract $2.90 higher to $222.35.
Cash trade was light, with 1,001 head sold. Live cattle sold for $220, and dressed steers sold for $350. On the formula side, 17,900 head averaging 953 lbs. sold for an average of $359.89.
Today’s slaughter is estimated to be 94,000 head, 8,000 head below last week.
“Yesterday’s presence of ICE (Immigration and Customs Enforcement) in Kansas at fed cattle processing plants and in the general agricultural area did negatively impact fed cattle plant production and there have been reports of absenteeism,” Fish wrote.
Boxed beef prices were lower on 98 loads, with the Choice cutout down $1.58 to $377.31 and the Select cutout $5.51 lower to $352.34.
Feeder cattle
Feeder cattle futures closed mixed, with the September contract down 75 cents to $336.52 and the October contract up $5.30 to $333.32. Deferred contracts also closed $5-6 higher.
The CME Feeder Cattle Index was 71 cents lower to $338.74.
Corn futures closed lower, with the December and March contracts down 7 cents to $5.29 and $5.43, respectively.
Nebraska: North Platte Stockyards in North Platte sold 674 head on Tuesday. A comparison could not be made due to a lack of recent auctions; demand was good on a short run of calves and feeders. Benchmark steers averaging 766 lbs. sold for $362.
Texas: Lonestar Stockyards in Wildorado sold 968 head on Tuesday. Compared to the last auction, steer and heifer calves traded unevenly, with steady like-kind prices. There were not enough comparable sales on feeder steers or heifers for a market trend. Benchmark steers averaging 782 lbs. sold from $328-329, averaging $328.20.
Utah: Producers Livestock in Salina sold 982 head on Tuesday. Compared to the previous auction, feeder cattle sold unevenly steady on calves and yearlings. Benchmark steers averaging 733 lbs. sold from $318-332.50, averaging $320.92. — Charles Wallace, WLJ contributing editor
