|Choice Fed Steers||-3 to 4||114 - 117|
|As of 5/16/19||Top||119|
|Dressed Basis||-5 to 7||184 - 189|
|As of 5/16/19||Top||189|
|Boxed Beef Cutout||+1.14||221.45
|Iowa Lean Average||-1.74||82.02|
|Finished Lambs||(Sioux Falls, SD 5/8)||+6||169 - 181|
|60-80 lb Feeder Lambs||(Billings, MT 5/6)||New Crop Lambs||202.50 - 210|
|80-100 lb Feeder Lambs||(Bowman, ND 5/20)||176 - 185|
|Sl. Ewes||(Newell, SD 5/16)||Steady||35 - 45|
|Bred Yearling Ewes||(Newell, SD 4/4)||230|
|2-3 yr old Bred Ewes||(Newell, SD 4/4)||225 - 250|
|Short Term Solid Bred Ewes||(Newell, SD 4/4)||180 - 185|
|50-65 lb Sl. Goats||(Billings, MT 4/15)||235 - 245|
Strong early losses in feeder cattle futres slowly but steadily eroded through the session with traders adjusting from Friday's market swings. Limited market direction developed in all livestock futures as cattle pressure was offset by moderate hog market gains.
Mixed trade developed as traders closely followed feeder cattle and corn trade ($0.57 lower to $0.17 higher). Limited volume developed in nearby live cattle futures Monday with traders showing little interest as prices continue to move away from recent market lows. June live cattle futures posted a 7 cent per cwt rally, as traders try to become well established in the choppy but sideways market trend. Following the ability to establish support levels at $109.50 in June futures and $106.72 per cwt in August contracts, traders have been looking for the opportunity to post further support. But early week pressure in feeder cattle and the renewed focus on rising grain markets have limited buyer activity late Monday. Beef cut-outs: mixed, $0.25 lower (select, $208.03) and up $1.14 (choice, $221.45) with light demand and offerings, 110 loads (68 loads of choice cuts, 24 loads of select cuts, 7 load of trimmings, 11 loads of coarse grinds).
TUESDAY'S CASH CATTLE CALL:
Steady. Limited activity is expected through the early part of the week following weaker cash cattle trade this week.
Firm pressure developed early Monday as traders backed away from previous gains ($0.32 to $0.82 lower). The overall lack of support early in the week has very little to do with market projections or any fundamental change in the complex, but more to do with traders taking positions following a bounce above long-term lows. The focus in the complex is expected to remain unstable although the expectation of renewed buyers moving into the complex should help spark some underlying support through the entire market. CME cash feeder index for 5/17 is unavailable at this time.