Friday markets
The market headed into the weekend mostly lower, unable to find momentum higher on the board.
Live cattle futures were lower, down 57 cents on the December contract to $229.80 and down $1.40 on the February contract to $229.55.
Cash trade for the day totaled about 1,500 head. Live steers sold from $228-230, and dressed steers sold for $355. Total cash trade for the week through the afternoon was about 100,000 head.
“Really what Friday’s trade amounted to was the fact that although fed cash cattle prices traded higher, and lent the market more than enough support, traders didn’t feel as though they possessed enough gusto to challenge the resistance at the 100-day moving average, which ultimately then only gave the contracts an option to trade lower,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Slaughter for the day was estimated at 105,000 head, compared to 115,000 head a week earlier. With tomorrow’s slaughter expected at 7,000 head, total slaughter for the week is estimated at 596,000 head, compared to 600,000 head a week earlier.
Boxed beef prices were mixed on 120 loads. The Choice cutout lost 67 cents to close at $357.44, and the Select cutout gained 76 cents to close at $344.22.
Feeder cattle
“The feeder cattle complex pushed a bold rally on Thursday, to the degree in which the spot January contract closed slightly above the market’s 100-day moving average,” Stewart said. “But on Friday, traders couldn’t convince themselves the market needed to trade any higher, which ultimately led to the complex’s slight decline ahead of the weekend.”
Feeder cattle futures were lower, down $4.30 on the January contract to $339.10 and down $3.60 to $334.07 on the March contract.
The CME Feeder Cattle Index gained $1.44 to close at $345.47.
Corn futures were lower, down 3 cents on the December contract to $4.31 and down 5 cents on the March contract to $4.40. — Anna Miller Fortozo, WLJ managing editor
