Friday markets
Markets headed into the weekend generally higher.
Live cattle futures were higher, with the February contract up 45 cents to $142.05 and the April contract up 12 cents to $146.87.
“To keep in perspective, Friday’s April prices are still near the highest in six years as producers continue to climb out from under a painful multi-year glut of cattle,” wrote Todd Hultman, DTN lead analyst, in his midday comments.
There was some cash trade today to round out the week. A total of 5,250 head sold, with live steers selling between $138-140. Cash trade for the week is likely close to 100,000 head. On the formula side, a total of 25,200 head averaging 888 lbs. sold for an average of $219.07.
Slaughter for the day is projected at 114,000 head, and with tomorrow’s expected slaughter of 46,000 head, the week’s total slaughter is estimated at 639,000 head. This is about 4,000 head shy of the same time a week earlier.
Boxed beef prices were lower, with the Choice cutout down $1.65 to $279.81 and the Select cutout down 42 cents to $276.05.
Feeder cattle
Feeder cattle futures were lower, with the March contract down 62 cents to $166.10 and the April contract down 37 cents to $171.42. The CME Feeder Cattle Index gained 92 cents to close at $160.17.
Corn futures saw some slight gains, with the March contract up 3 cents to $6.20 and the May contract up 4 cents to $6.21.
“A recovery in fed cattle prices has revived interest in replacements aided by a moderation in corn prices,” wrote the Cattle Report. “Prices rose this week, but many operators chose to wait out the weather before pricing replacement cattle that may have suffered some weight losses during the cold and sometimes icy weather.”
Nebraska: Valentine Livestock Auction in Valentine sold 5,160 head Thursday. Compared with last week, 500-600 lb. steers traded steady to $5 higher, and 500-600 lb. heifers traded steady to $6 higher. Benchmark steers averaging 730 lbs. sold between $169-180.75, averaging $172.15. — Anna Miller, WLJ managing editor
