Friday markets
Cattle markets finished the week on a stronger note Friday, with both live and feeder cattle futures posting gains alongside higher cash trade and boxed beef prices.
Live cattle futures were higher to round out the weekend. The expiring August contract gained $4.90 to close at $241.90, and the October contract gained $2.72 to close at $239.65.
“The live cattle complex is back to trading higher as traders are again finding support in the market’s slightly higher cash cattle trade,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day totaled about 10,000 head. Live steers sold from $242-245, and dressed steers sold from $380-392. Total cash trade for the week through Friday afternoon was about 55,000 head.
Slaughter for the day is estimated at 101,000 head. With tomorrow’s slaughter projected at 2,000 head, total slaughter for the week is projected at 565,000 head, compared to 551,000 head a week earlier.
Boxed beef prices were higher on 109 loads. The Choice cutout gained $1 to close at $415.41, and the Select cutout gained $4.16 to close at $390.
Feeder cattle
“Demand in the countryside remains incredibly strong, so today’s recovery in the futures sector is a move based upon continued support of the market’s fundamentals and because the contracts are no longer teetering at resistance levels,” Stewart said.
Feeder cattle futures also saw green on the board. The September contract gained $2.97 to close at $364.77, and the October contract gained $2.95 to close at $364.47.
The CME Feeder Cattle Index gained $4.55 to close at $365.23.
Corn futures were higher, up 12 cents on the September contract to $3.98 and up 10 cents on the December contract to $4.20.
The WLJ office will be closed Monday, Sept. 1 in observance of Labor Day. Have a safe holiday! — Anna Miller Fortozo, WLJ managing editor
