AFTERNOON LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst
GENERAL COMMENTS: Light trade was reported in feedlot country Friday with some live deals noted in the North at $155, about $1 lower than last week but several dollars higher than early week business. Final trade volume totals for the week look rather small with asking prices firming as futures recovered. According to the closing report, the Iowa hog base is $0.57 lower compared with the Prior Day settlement ($93.00-$96.50, weighted average $95.30). Corn futures closed higher, up 3 1/4 in the September, up 2 1/2 in the December and March contracts.
LIVE CATTLE: Futures closed higher, up 67 to 220. Live cattle contracts staged a decent recovery on Friday, supported by late-week short-covering and profit-taking. Ideas of greater than expected cash stability also proved to be supportive. Positively, October through February managed to close the week above 100-day moving averages. The August 1 Cattle on Feed report was released this afternoon and proved to be generally neutral: on feed 98%; placed in July 93%; marketed in July 91%. Beef cut-outs: lower (choice, $249.77, off $0.69; select, $239.66, off $1.16) with light demand and light to moderate offerings (75 loads of choice cuts, 35 loads of select, 22 loads of trimmings, 12 loads of ground beef).
MONDAY'S CASH CATTLE CALL: Steady to $2 lower. Monday's activity will be limited to the distribution of new showlists. Late August offerings could be somewhat larger thanks to unsold cattle carried over. On the other hand, packers will start the week rather close to the knife.
FEEDER CATTLE: Futures closed higher, up 42 to 147. Feeder cattle contracts bounced higher thanks to late-week short-covering. The premium status of the cash index and ideas of a record feed harvest ahead were also supporting factors. CME cash feeder index: 08/21: 218.18, off $0.095.