Friday markets
The cattle market headed lower into the weekend, still cautious amid the European conflict escalations.
Live cattle futures were lower another day. The February contract lost $1.25 to close at $139.27, and the April contract lost 37 cents to close at $141.92.
“After taking a deep (nosedive) of a ride in Thursday’s trade, the market is keeping with its cautious tone amid the war in Ukraine,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
“It hasn’t been a good technical week for the live cattle complex and that again comes at the cost of cattle producers (surprise, surprise).”
There was some cash trade today, with 6,594 head sold. Live steers sold for $142, and dressed steers traded for $229. Through Friday morning, about 65,000 head sold this week. On the formula side, a total of 28,500 head averaging 882 lbs. sold for an average of $227.84 today.
Slaughter through Friday is estimated at 119,000 head. With tomorrow’s slaughter estimated at 50,000 head, the week’s total is looking like it will reach 647,000 head, about 13,000 head short of last week.
Boxed beef prices were mixed on 104 loads. The Choice cutout lost 97 cents to close at $258.27, and the Select cutout gained 86 cents to close at $255.41.
Feeder cattle
Feeder cattle were able to recover some of yesterday’s losses. The March contract gained 92 cents to close at $160.02, and the April contract gained 95 cents to close at $164.75. The CME Feeder Cattle Index lost $1.24 to close at $160.58.
“With a flash of a new headline, at any given point in time the market could become subject to drop again. But for now, the market is trading fully higher as the grain markets retreat,” Stewart said.
Corn futures lost their momentum and posted lower. The March contract lost 35 cents to close at $6.59, and the May contract lost 34 cents to close at $6.55.
South Dakota: Mitchell Livestock Auction in Mitchell sold 3,849 head on Thursday. Compared to a week earlier, feeder steers 650-900 lbs. were $2-7 lower. Feeder heifers 600-700 lbs. sold $4-5 lower, and heifers 700-900 lbs. were steady to $2 lower. Benchmark steers averaging 773 lbs. averaged $167.51. — Anna Miller, WLJ managing editor
