Friday markets
Markets closed Friday on a sour note with futures down, cash trade uneventful and corn limit up.
Live cattle contracts were mixed, although the April contract took a $3.47 loss to close at $116 while the June contract closed 52 cents higher at $116.57.
Cash trade totaled 2,600 head with live steers selling for $119 and dressed steers from $188-195. On the formula side, a total of 30,500 head averaging 855 lbs. sold for $193.07.
Slaughter for the day totaled 115,000 head, a couple thousand head above last week. Saturday’s slaughter is projected to be only 54,000 head, bringing the week’s total to 649,000 head compared to last week’s 665,000 head.
Beef demand is still there, and boxed beef prices were higher on 78 loads. The Choice cutout was up $2.74 to $296.50 and the Select cutout was up $3.26 to $283.05.
Feeder cattle
Feeders plummeted today after the price of corn shot up 38 cents to $7.40. May feeders were $2.25 lower to $133.60 and August feeders were $3.12 lower to $146.75. CME’s latest Feeder Cattle Index was down 94 cents to $134.13.
“Without the live cattle market to lend much support, the feeder cattle contracts are at the mercy of the pressure—or lack of pressure—the corn market puts on their complex until Friday’s close,” ShayLe Stewart, DTN livestock analyst, had commented in her midday comments.
Kansas: Winter Livestock in Pratt sold 4,092 head Thursday. Compared with last week, feeder steers 800-1,050 lbs. sold $2-3 higher; steers 550-800 lbs. sold steady; and steer calves 400-550 lbs. sold $2-5 higher. Feeder heifers 700-900 lbs. sold steady to $1 higher; heifers 500-700 lbs. sold $1-2 lower; and heifer calves 400-500 lbs. sold $4 higher. Benchmark steers averaging 781 lbs. sold between $135.50-143. — Anna Miller, WLJ managing editor
