Friday markets
Cattle futures closed lower on a lack of support and traders ruminating on the news that President Donald Trump is “authorizing legal documents to be drawn in order to allow Farmers and Ranchers to be given the right to PROCESS THEIR OWN FOOD.”
Live cattle futures closed lower, with the August contract down $1.05 to $219.25, the October contract $1.20 lower to $211.72 and the December contract down $1.07 to $213.72.
“The live cattle complex is trading lower as traders don’t see much reason to support the contracts at this point in the week,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Unfortunately, the lack of fundamental support this week has been a big hindrance, and the contracts are continuing to trade lower.”
Cash trade was moderate, with 15,134 head sold. Live steers sold from $218-222, and dressed steers sold for $350. On the formula side, 21,400 head averaging 951 lbs. sold for $360.02.
“The cash cattle market is finally seeing some Southern trade develop at $222 live, which is $3 lower than the previous week’s weighted average,” Stewart wrote. “Bids are also on the table in Nebraska at $218 live and $345 dressed. At this point, the bulk of this week’s trade is likely done.”
Today’s slaughter is estimated to be 103,000 head, 4,000 head above last week. Saturday’s slaughter is projected to be 24,000, bringing the estimated weekly total to 542,000 head.
Boxed beef prices were mixed on 108 loads, with the Choice cutout down $5.13 to $376.23 and the Select cutout up $1.89 to $361.08.
Feeder cattle
Feeder cattle closed lower, with the September and October contracts $1.55 lower to $320.90 and $316.52, respectively.
The CME Feeder Cattle Index was down 80 cents to $333.47.
Corn futures closed higher, with the September contract up a penny to $5.12 and the December contract 3 cents higher to $5.36.
Kansas: Farmers and Ranchers Livestock in Salina sold 2,745 head on Thursday. Compared to the last auction, steers over 750 lbs. sold $4-7 lower and heifers over 700 lbs. sold steady to $3 higher. Benchmark steers averaging 757 lbs. sold for $338-347, averaging $344.49.
Montana: Billings Livestock in Billings sold 655 head on Thursday. Compared to the last auction, feeder steers were all too lightly tested to develop any market trend. Feeder heifers under 900 lbs. sold generally steady in a narrow comparison, and over 900 lbs. sold mostly $8-10 lower. Benchmark steers averaging 769 lbs. sold for $366-375, averaging $371.27.
Texas: Cattlemen’s Livestock in Dalhart sold 1,341 head on Thursday. There were too few comparable sales on steer calves to state a market trend, but a good turnout of feeder steers coming off short grass gave a better picture. Most 800-900 lbs. steers sold mostly $15 lower. Heifer calves also had too few comparable sales for a trend, but a decidedly lower undertone was noted. Feeder heifers weighing 780 lbs. sold $12 lower, while 800-850 lbs. heifers sold $ 9 lower. Benchmark steers averaging 774 lbs. sold for $320-328, averaging $325.53. — Charles Wallace, WLJ contributing editor
