Friday markets
The market rebounded today, reflecting cautious optimism amid ongoing trade negotiations.
Live cattle futures were higher, up $1.62 to $202.47 on the April contract and up $1.60 to $196.80 on the June contract.
“The live cattle complex is back to breathing somewhat normally as the market is trading mildly higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “As you can see when you look at all the live cattle contracts, traders are just mildly supporting the nearby contracts as more trade chatter will affect those months more than the deferred contracts that are trading up to $2.50 higher.”
Cash trade for the day totaled about 5,600 head. Live steers sold from $204-210, and dressed steers sold from $325-328.
Slaughter for the day is estimated at 96,000 head. With tomorrow’s slaughter expected at 5,000 head, total slaughter for the week is projected at 564,000 head, compared to 591,000 head a week earlier.
Boxed beef prices were lower on 102 loads. The Choice cutout lost 7 cents to close at $334.22, and the Select cutout lost $1 to close at $313.96.
Feeder cattle
Feeder cattle futures were also higher, up $2.40 on the April contract to $285.17 and up $3.40 to $278.70 on the May contract.
“The market is again up against its 40-day moving average which could pose some technical pressure ahead of today’s end,” Stewart said.
The CME Feeder Cattle Index was down $3.32 to $287.29.
Corn futures were higher, up 7 cents to $4.90 on the May contract and up 8 cents to $4.97 on the July contract. — Anna Miller, WLJ managing editor
