Friday markets
“What a day it was for the livestock complex as all three of the markets closed higher, but the biggest takeaway from Friday’s end was the positive trade in the fed cash cattle market,” said ShayLe Stewart, DTN livestock analyst, in her closing comments,
Live cattle futures were higher over the day. The August contract gained $1.30 to close at $239.95, and the October contract gained $3.15 to close at $237.87.
Cash trade for the day was about 11,000 head. Live steers sold from $237-246, and dressed steers sold from $385-391. Total cash trade for the week so far is about 75,000 head.
“This past week was one of the most robust weeks ever traded in the cattle complex, and there’s no telling when the market’s support is going to end,” Stewart said.
Slaughter for the day is estimated at 96,000 head, compared to 82,000 head a week earlier. With tomorrow’s slaughter expected at 1,000 head, total slaughter for the week is projected at 547,000 head, compared to 530,000 head a week earlier.
USDA released its latest Cattle on Feed report this afternoon. For July, total cattle and calves on feed in the U.S. totaled 10.9 million head, 2% lower than last year. Placements were 6% lower at 1.6 million head, and marketings were also 6% lower at 1.75 million head. Other disappearance totaled 51,000 head, 9% below 2024.
Boxed beef prices were modestly higher over the day. The Choice cutout gained 5 cents to close at $407.91, and the Select cutout gained 6 cents to close at $383.66.
Feeder cattle
Feeder cattle futures made several-dollar gains. The August contract gained nearly $4 to close at $360.35, and the September contract gained $4.65 to close at $362.67.
“Do note that the feeder cattle contracts closed higher every single day this week, and of course, the market again obtained a new contract high this afternoon,” Stewart said.
The CME Feeder Cattle Index gained $1.86 to close at $347.44.
Corn futures were mixed, up a penny on the September contract to $3.88 and down less than a penny on the December contract to $4.11. — Anna Miller Fortozo, WLJ managing editor
