Friday markets
The cattle complex again closed higher, as cash trade was light but higher than the previous week.
Live cattle continued to trade in the green. The December contract was up 30 cents to $153.35, and the February contract was up 45 cents to $155.87.
“Rather than reacting to outside market influences and obscure economic numbers, live cattle futures traders appear to be guided by the cash market this week, which churned higher yet again,” Elaine Kub, DTN contributing analyst, wrote in the midday comments. “Southern live cattle sales have been marked at mostly $155, fully steady with last week’s weighted averages and faithfully reflected in the nearby futures prices. Northern dressed deals were marked at mostly $249, $4 higher than last week’s weighted averages.”
Cash trade was light, with 8,418 head selling between $154-159, averaging $157.22. Dressed steers sold for an average of $248.04.
On the formula side, 22,600 head averaging 883 lbs. sold for an average of $252.18.
Slaughter for the day is estimated at 123,000 head. With tomorrow’s slaughter expected at 28,000 head, slaughter for the week is projected at 663,000 head.
Boxed beef closed lower on 107 loads, with the Choice cutout down $3.64 to $249.93 and the Select cutout down 44 cents to $224.56.
Feeder cattle
Feeder cattle closed higher, with the January contract up $1.37 to $182.45 and the March contract up 97 cents to $185.27. The CME Feeder Cattle Index was up 63 cents to $179.03.
“Contracts for timeframes past mid-2023 are already trading above $200 per cwt, so in some senses, the psychological resistance against pursuing historical highs has already been broken,” Kub wrote.
Nearby corn contracts closed down double digits. The December contract was down 15 cents to $6.35, and the March contract was down 14 cents to $6.46.
Kansas: Pratt Livestock in Pratt sold 4,681 head Thursday. Compared to the last auction, there were not enough feeder steers and heifers 700-950 lbs. for a market test. Steers 400-700 lbs. sold $7-8 higher. Heifers 400-700 lbs. sold $4-6 higher. A group of steers averaging 706 lbs. sold between $186-188 and averaged $186.49.
Montana: Billings Livestock Commission Cattle Auction in Billings sold 5,825 head Thursday. Compared to the last auction, yearling steers and heifers were too lightly tested to develop any market trend. Steer calves generally sold steady on all offerings. Heifer calves under 450 lbs. sold $5 lower, and 550-599 lb. heifers sold mostly steady to $2 higher. All other weights of heifer calves generally sold steady. Benchmark steers averaging 732 lbs. sold between $170-188.50 and averaged $185.63.
Nebraska: Valentine Livestock Auction in Valentine sold 3,710 head Thursday. Compared to the previous auction, 500-550 lb. steers traded $4-9 higher, and 450-550 lb. heifers traded $5-10 higher. Benchmark steers averaging 719 lbs. sold between $203.25-212, averaging $208.73.
Texas: Cattlemen’s Livestock Auction in Dalhart sold 2,945 head Thursday. Compared to the last auction, feeder steers and heifers traded mostly $1 higher. Steer and heifer calves traded mostly steady on limited comparable sales. Benchmark steers averaging 789 lbs. sold between $172-180, averaging $178.69. — Charles Wallace, WLJ editor
