Friday markets
The market traded into the weekend on a green note, bolstered by steady to higher cash trade.
Live cattle futures were higher, with the December contract up 97 cents to $191.32 and the February contract up $1.85 to $188.40.
“Following Thursday’s slight derailment in terms of the live cattle contracts’ performance, it’s refreshing to see the contracts again trading higher on Friday,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day was about 4,500 head. Live steers sold from $191-195, and dressed steers sold for $305. Total cash trade for the week through the afternoon was about 48,000 head.
Slaughter for the day is estimated at 117,000 head. With tomorrow’s slaughter projected at 15,000 head, total slaughter for the week is expected to be 617,000 head.
Boxed beef prices were mixed on 107 loads. The Choice cutout lost $4.84 to close at $315.85, and the Select cutout gained $1.80 to close at $285.91.
USDA released its latest Cattle on Feed report this afternoon. The total number of cattle and calves on feed as of Dec. 1 was slightly below 2023. Placements were 4% lower, and marketings were 1% lower. Other disappearance totaled 55,000 head, or 2% above last year.
Feeder cattle
“The feeder cattle complex is also trading higher into Friday’s noon hour as the market has seemed to have found some technical stability following Thursday’s lower close, and it’s also helpful that the fed cash cattle market traded cattle steady to $2.00 higher on Thursday as well,” Stewart said.
Feeder cattle futures saw gains, with the January contract up $1.12 to $255.60 and the March contract up $1.25 to $255.82.
The CME Feeder Cattle Index lost 8 cents to close at $262.15.
Corn futures were higher, with the March contract up 5 cents to $4.46 and the May contract up 5 cents to $4.51. — Anna Miller, WLJ managing editor
