Friday markets
Cattle futures traded higher into the weekend while cash trade volume remained light.
Live cattle futures were higher, up $2 on the April contract to $251.77 and up $2 on the June contract to $249.20.
“What a day, what a day, what a day it was! Although the futures market may have closed, there’s still a pile of business left to be done in the fed cash cattle market as no trades have yet been reported,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day is estimated at about 3,500 head. Live steers sold for $250, and no trend was noted for dressed steers. Total cash trade for the week through the afternoon was about 9,000 head.
Slaughter for the day is estimated at 83,000 head, compared to 96,000 head a week earlier. With tomorrow’s slaughter expected at just 4,000 head, total slaughter for the week is projected at 512,000 head, compared to 533,000 head a week earlier.
“The slaughter fell short of some early week estimates as packers margins suffered from both sides of the market—inputs and outputs,” the Cattle Report said. “Box prices weakened while fed cattle prices surged.”
Boxed beef prices closed lower on 84 loads. The Choice cutout lost 19 cents to close at $380.90, and the Select cutout lost 23 cents to close at $381.34.
Feeder cattle
Feeder cattle futures closed higher, up $1.62 to $374.15 on the April contract and up $1.92 to $372.35 on the May contract.
“Between the strong buyer demand in the countryside and the willingness of traders to help push the contracts higher, the market was well positioned to close higher Friday afternoon,” Stewart said.
The CME Feeder Cattle Index lost 45 cents to close at $364.10.
Corn futures were lower, down 3 cents on the May contract to $4.41 and down 3 cents on the July contract to $4.51. — Anna Miller Fortozo, WLJ managing editor
