Friday markets
The cattle market was not eager to move higher ahead of the holiday weekend, with futures lower on the board. There was a good chunk of cash trade today, with feedlots able to get a couple dollars more by holding out until the end of the week.
Live cattle futures were lower, especially the December contract on its last day of trading. The December contract lost $3.67 to close at $154.82, and the February contract lost 95 cents to close at $157.90.
“Traders are chomping at the bit for some worthwhile news to make trade decisions, and even more than that, they’re looking forward to the three-day weekend that lays ahead of us,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
There was a sizable amount of cash trade to close out the week, with 22,837 head sold. Live steers sold from $157-158. Dressed steers sold from $250-252. Total cash trade for the week is about 55,000 head.
Slaughter for Friday is projected to be 122,000 head. With tomorrow’s expected slaughter of 37,000 head, slaughter for the week is estimated at 547,000 head. Slaughter is estimated at 562,000 head for the same time last week, and 524,000 head for the same time last year.
Boxed beef prices were higher on 66 loads. The Choice cutout gained $3.12 to close at $281.98, and the Select cutout gained 23 cents to close at $250.93.
Feeder cattle
Feeder cattle futures were lower, with the January contract down 10 cents to $183.70 and the March contract down 55 cents to $186.22.
The CME Feeder Cattle Index gained $2.09 to close at $181.93.
“The feeder cattle complex is continuing to chop sideways as the market longs to see the live cattle market trade higher again before it will advance its own market,” Stewart said.
“Come next week, the feeder cattle market could see enough support through strong sales in the countryside as most sale barns will be back to their normal schedule,” Stewart said. “And with the advancement that’s been made in the cash cattle market and the strong demand that boxed beef prices are seeing—cattle buyers could be aggressive early next week as they see the market’s fundamentals strengthening.”
Corn futures were lower, with the March contract down a penny to $6.78 and the May contract also down a penny to $6.78.
There were no auction reports, as most barns are closed for the holiday week. The WLJ office will be closed on Monday, Jan. 2, for New Year’s Day. Happy New Year to you and yours! — Anna Miller, WLJ managing editor
