“By Friday’s end, the livestock complex closed mixed as traders felt it safest to let next week’s market hash out more of the market’s direction,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were higher, up $1.52 to $193.65 on the December contract and up $1.17 to $192.02 on the February contract.
“It was deserving and utterly incredible to watch the live cattle market break out of its sideways trading range this past week and pressure prices not last tested since March,” Stewart said. “But with the fed cash cattle market trading at $300 plus in the North and $190 plus in the South, there was plenty of support for traders to feel confident in.”
Cash trade for the afternoon totaled about 4,000 head. Live steers sold from $192-196, and dressed steers sold for $305. Total cash trade for the week so far is about 75,000 head.
Slaughter for the day is estimated at 115,000. With tomorrow’s slaughter expected at 5,000 head, total slaughter for the week is projected at 609,000 head.
Feeder cattle
Feeder cattle futures were lower, down 70 cents on the January contract to $257.65 and down 90 cents to $257.65 on the March contract.
“It was thrilling to watch the spot January contract rally up to the market’s resistance at $260 which was undoubtedly done because of the additional support this past week from the fed cattle market’s rally and the continued support of strong buyer demand for calves and feeders,” Stewart said.
The CME Feeder Cattle Index lost 48 cents to close at $262.59.
Corn futures were down a penny apiece to $4.30 and $4.42 on the December and March contracts, respectively.
Boxed beef prices were higher over the week. The Choice cutout gained $1.15 to close at $316.39, and the Select cutout gained $3.38 to close at $283.86. — Anna Miller, WLJ managing editor
