Livestock contracts found some support in the afternoon, but closed at a disappointing decline.
The December live cattle contract was down 15 cents to $107.85 and the February contract down 25 cents to $110.78.
Cash cattle trade was slow on light demand in all major feeding regions. A total of 14,168 cash cattle sold, averaging $108. Dressed purchases moved from $168-170. Around 10,600 head of formula cattle averaged 871 lbs. and $177.33.
“Unfortunately, there’s been some light trade already in Texas for $108, $2.50 lower than last week’s trade,” noted ShayLe Stewart, DTN livestock analyst, in her midday livestock comments. “But with how few cattle traded, saying that a trend has been established for the week is a farce. If feedlots can hold out until later in the week, to give the board an opportunity to trade higher, they may be able to keep prices at lease steady with last week’s levels.”
Boxed beef prices are lower again on 228 loads, with the Choice cutout down $5.78 to $225.02, and the Select cutout down $4.06 to $205.42. Today’s slaughter is projected to be several thousand head below last week and last year, at 115,000 head.
Feeder cattle contracts also saw some movement in the afternoon, but closed mixed. The January contract was down 23 cents to $137.58 and the March contract was up 35 cents to $138.50. The December corn contract lost about two-and-a-half cents, which helped contribute to the afternoon’s trade activity. The latest CME Feeder Cattle Index was down 94 cents to $137.34.
Joplin Regional Stockyards in Carthage, MO, sold 10,277 head yesterday. Compared to last Monday’s sale, steers under 700 lbs. sold steady, except bawling calves over 500 lbs. sold $2-3 lower; steers over 700 lbs. sold $2-4 lower; heifers sold $1-3 lower, except under 400 lbs. sold steady lower. — Anna Miller, WLJ editor