Friday markets
The market headed into the weekend on a mostly lower note after a week of sideways and uneventful trading.
Live cattle futures were lower, with the August contract down 30 cents to $140.80 and the October contract down 60 cents to $143.05.
“It’s been a doggish week for the live cattle complex so, if you’re an adrenaline junky, the live cattle market isn’t your bag this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
There was a small amount of cash trade to close out the week. A total of 2,200 head sold, with live steers selling from $145-148, and dressed steers selling for $230. Total trade for the week so far is only about 68,000 head.
On the formula side, a total of 21,900 head averaging 871 lbs. sold for an average of $231.07.
“From technical downward pressure to higher carcass weights and a weaker cash market, cattle producers are praying that next week’s shortened holiday-kill schedule passes by quickly so that the market can get back to a normal tone and hopefully snap back to focusing on the market’s upward potential,” Stewart said.
Slaughter through Friday is estimated at 622,000 head, on pace with a week earlier. With Saturday’s slaughter expected at 56,000 head, total slaughter for the week is projected at 678,000 head, an increase of 17,000 head over a week earlier.
Boxed beef prices were mixed on 101 loads. The Choice cutout lost 78 cents to close at $262.76, and the Select cutout gained $1.22 to close at $238.76.
Feeder cattle
“With the corn complex gaining more support ahead of the week’s end, the feeder cattle complex is feeling puny as it trades lower yet again this week,” Stewart said.
Feeder cattle futures lost a couple of dollars, with the September contract down $2.05 to $182.20 and the October contract down $2.12 to $183.40.
The CME Feeder Cattle Index was up $1.25 to $182.25.
Corn futures were up again, with the September contract up 11 cents to $6.68 and the December contract up 14 cents to $6.64.
Nebraska: Valentine Livestock Auction in Valentine sold 4,890 head on Thursday. Demand was good, with several buyers and active internet bidding. Benchmark steers averaging 795 lbs. sold between $194-206, averaging $197.10. — Anna Miller, WLJ managing editor
