Friday markets
“The cattle complex has regained its footing following Thursday’s disgruntled tailspin, which sent the contracts plummeting lower,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures closed out the day higher. The August contract gained $2.35 to close at $230.12, and the October contract gained 52 cents to close at $223.67.
Cash trade for the day totaled about 14,000 head. Live steers sold from $235-247, and dressed steers sold from $380-386. Total trade for the week was about 55,000 head.
“More trade will likely develop throughout the afternoon, and once again, feedlot managers have been rewarded for their patient willingness to trade cattle later in the week as packers have upped their bids,” Stewart said.
Slaughter for the day is estimated at 93,000 head. With tomorrow’s slaughter projected at 1,000 head, total slaughter for the week is predicted at 535,000 head, compared to 549,000 head a week earlier.
Boxed beef prices were mixed on 72 loads. The Choice cutout gained $1.90 to close at $363.22, and the Select cutout lost 87 cents to close at $340.50.
Feeder cattle
“The feeder cattle complex is also trading higher as traders have regained their focus from sheer panic and chaos, to one that’s clearer and more stable, and is fixated on the current thriving performance of the cattle complex,” Stewart said.
Feeder cattle futures were higher to close out the week. The August contract gained $3.20 to close at $334.57, and the September contract gained $2.337 to close at $333.92.
The CME Feeder Cattle Index gained $1.98 to close at $335.01.
Corn futures were lower, with the September contract down 4 cents to $3.89 and the December contract down 3 cents to $4.10. — Anna Miller Fortozo, WLJ managing editor
