Friday markets
Futures were able to regain yesterday’s losses. Cash trade was minimal, bringing the week’s total number to below weeks in the past.
Live cattle futures were slightly higher, with the December contract up 12 cents to $136.85 and the February contract up 27 cents to close at $138.07.
“While the live cattle contracts would have liked to have seen this modest support on Thursday when the cash cattle market was aspiring to trade steady, if not a little higher, the complex will gladly take whatever support the market has to offer,” remarked ShayLe Stewart, DTN livestock analyst.
A small handful of cash trade happened today. A total of 3,030 head sold between $137-140. Dressed steers sold between $218-220. Cash trade for the week is likely to be substantially less than it has been in the past few weeks, with about 65,000 head sold.
Slaughter for the day is projected at 121,000 head, bringing the week’s total so far to 610,000 head. Tomorrow’s slaughter is expected to be 58,000 head, bringing the final number to 668,000 head. Last week, slaughter totaled 676,000 head.
Boxed beef prices were mostly steady on 75 loads. The Choice cutout lost a penny to close at $264.54, and the Select cutout gained 56 cents to close at $252.24.
Feeder cattle
Feeders were able to find some gains. The January contract increased 80 cents to close at $164.87, and the March contract gained 22 cents to close at $165.30. The CME Feeder Cattle Index lost 12 cents to close at $161.51.
Corn futures were mostly steady, with the December contract unchanged and the March contract down a penny to close at $5.90.
“The market will likely see good buyer participation throughout the sale barns next week, but then the market will see less participation throughout the remainder of the year as the markets break for the holidays,” Stewart said. “If the live cattle market can trade steady throughout 2021, then the feeder cattle market should stand a good chance at summoning higher prices right from the get-go in 2022.”
South Dakota: Mitchell Livestock Auction in Mitchell sold 6,977 head yesterday. Compared to last week, feeder steers 600-650 lbs. sold $4 higher, 700-750 lbs. sold $1 higher and 1,000-1,100 lbs. sold unevenly steady. Feeder heifers 650-700 lbs. sold $4 higher, 750-800 lbs. sold steady, 800-900 lbs. sold $1 higher and 900-950 lbs. sold $1 lower. Benchmark steers averaging 730 lbs. sold between $163.50-172.50, averaging $169.92. — Anna Miller, WLJ managing editor
