Friday markets
Cattle futures closed higher to finish the week, with live and feeder cattle futures up triple digits.
“Following the market’s regression earlier this week, on Thursday, the market seemed to have established a short-term bottom for the time being,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “And it’s pretty impressive that the market has done this while receiving no support from the cash market, as prices have been lower this week.”
Live cattle futures closed higher, with the April contract up $1.22 to $248.30 and the June contract $1.72 higher to $245.22.
Cash trade was moderate, with 6,037 head sold. Live steers sold for $246-248, and dressed steers sold for $386.
On the formula side, 26,800 head averaging 951 lbs. sold for an average of $393.35.
“So far this week, Northern dressed deals have had a range of $385 to mostly $386, $2 lower than the prior week’s weighted averages,” Stewart wrote. “Southern live trade has been marked at $246, $2 lower than the previous week’s weighted averages.”
Today’s slaughter is estimated to be 93,000 head, 16,000 head above last week. Saturday’s slaughter is projected to be 11,000 head bringing the estimated weekly total to 529,000 head.
Boxed beef closed higher on 77 loads, with the Choice cutout $3.50 higher to $387 and the Select cutout up $3.49 to $386.07.
Feeder cattle
Feeder cattle futures also closed triple digits higher, with the April contract up $1 to $367.62 and the May contract $2.02 higher to $360.90.
The CME Feeder Cattle Index was down $3.44 to $370.
Corn futures closed slightly lower, with the May and July contracts down a fraction to $4.55 and $4.63, respectively.
Kansas: Winter Livestock in Pratt sold 4,487 head on Thursday. Compared to the last auction, feeder steers 900-1,000 lbs. sold $4-8 higher with excellent quality. Steers 600-900 lbs. sold unevenly from $8 higher to $8 lower. There were not enough steer calves under 600 lbs. for a market test. Feeder heifers 800-975 lbs. sold $6-8 lower. Heifers 700-800 lbs. sold $8 higher. Benchmark steers averaging 781 lbs. sold for $351-367, averaging $361.78.
North Dakota: Napoleon Livestock in Napoleon sold 1,060 head on Thursday. Compared to the last auction, feeder steers 850-900 lbs. sold $4 lower, with instances up to $10 lower. There were no comparable sales of steers and heifers to establish an accurate trend. Benchmark steers averaging 773 lbs. sold for $375-387, averaging $381.33.
Texas: Cattlemen’s Livestock in Dalhart sold 837 head on Thursday. There were a few comparable sales on calves and feeders to determine a trend. However, a lower undertone on feeders over 650 lbs. was noted. A group of steers averaging 712 lbs. sold for $375.
Washington: Toppenish Livestock in Toppenish sold 1,175 head on Thursday. Compared to the last auction, stocker and feeder steers sold steady to firm. Stocker heifers less than 700 lbs. sold steady to weak. A group of steers averaging 719 lbs. sold for $380. — Charles Wallace, WLJ contributing editor
