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Livestock markets start the week lower as cattle futures drop and optimism cools

It was a tough start to the week for many livestock sale barns around the country.

Jackie Moore, who owns Joplin Regional Stockyards in Missouri, one of the largest livestock auction facilities in the country, says, “In my opinion, it was a little top-heavy and kind of wanted to correct itself anyway.”

He says prior to the recent drop in cattle futures, producers were optimistic. “Everybody’s in there swinging with both hands wanting to own these cattle,” he says.  “You could see why we had those eight-weight steers up there bringing $380 to $390, and the optimism is running very high.  There’s a lot of feed in the country.  There’s a lot of corn, and there’s going to be a lot of wheat pasture.  Everybody’s got feed.”

Joplin’s weekly sale takes place on Monday, and feeder steers were $25 to $40 lower and feeder heifers were $20 to $40 lower. “As far as the market though, actually they bought those cattle pretty dang good today,” he says. “We sell some eight-weight cattle at $340 or $345, and sell some seven-weight cattle $360 to $370. That’s pretty good prices.”

While the markets are facing volatility, the fundamentals haven’t changed. “You know, we have fewer cattle next year than we had this year,” he says.  “They’re going to keep some heifers barring a drought that’s got us in trouble over the years and made these call numbers shrink to dramatically,” he says.  “Next year, fundamentally, probably should have been better than this year.”

Joplin wasn’t the only livestock auction that saw lower prices to start the week. At the Oklahoma National Stockyards, feeders were $30 to $40 lower, and calves were mostly $40 to $50 lower.

In Missouri, calves were $30 to $50 lower, and feeders were $25 to $30 lower at the Callaway Livestock Center. At the Tina Livestock Auction, yearlings were $30 to $50 lower. 

AUDIO: Jackie Moore, Joplin Regional Stockyards, Missouri