Friday markets
The CME futures markets were closed today in observance of Good Friday.
Cash trade for the day totaled about 3,400 head. Live steers sold from $244-245, and dressed steers sold for $385. Total cash trade for the week through the afternoon totaled about 75,000 head.
Slaughter for the day is estimated at 96,000 head, compared to 92,000 head a week earlier. With tomorrow’s slaughter estimated at 8,000 head, total slaughter for the week is projected at 533,000 head, compared to 523,000 head last week.
Boxed beef prices closed lower, down $1.80 to $387.78 on the Choice cutout and down $1.51 to $386.19 on the Select cutout.
“Packers watched any margins they had earned over the past three weeks disappear,” the Cattle Report wrote. “Cash prices for live cattle moved quickly to $245-246 live and $385 dressed in the north, while live sales in the south were at $245-246, moving to $247. At the same time, box prices turned lower, losing over $4. This change of events will cause packers to pull back slaughter volumes as margins moved into the red.” — Anna Miller Fortozo, WLJ managing editor
