Friday markets
The market took a nosedive today, uncertain about the future of demand with tariffs in place and retaliatory tariffs on their way.
China announced on Friday that it would impose a 34% additional tariff on U.S. imports beginning April 10, following the U.S.’ move to implement 54% tariffs on the country.
Live cattle futures tumbled lower. The April contract lost $5.42 to close at $202.62, and the June contract hit limit down, losing $6.50 to close at $198.20.
“The overall lack of support in all livestock markets is following the pattern of sharp losses in the stock market and financial trade,” DTN wrote in its midday comments.
There was a sizable amount of cash trade this morning, with more than 30,000 head sold. Live steers sold from $204-213, and dressed steers sold from $329-335. As of Friday afternoon, total cash trade over the week totaled close to 70,000 head.
Slaughter for the day is estimated at 109,000 head. With tomorrow’s slaughter projected at 10,000 head, total slaughter for the week is expected at 591,000 head. Total slaughter for last week is estimated at 609,000 head.
Boxed beef prices were mixed on 102 loads. The Choice cutout gained 8 cents to close at $338.45, and the Select cutout lost 66 cents to close at $317.18.
Feeder cattle
Feeder cattle futures did not fare any better today. The April contract lost $5.97 to close at $279.42, and the May contract lost $8.25 to close at $274.87.
“If the continued bearishness holds over the weekend, this could continue to wipe out all of the gains seen this year,” DTN said.
The CME Feeder Cattle Index gained 66 cents to close at $291.93.
Corn futures traded sideways, up 2 cents to $4.60 on the May contract and up a penny to $4.67 on the July contract. — Anna Miller, WLJ managing editor
