Friday markets
The cattle market headed into the weekend marked by optimism.
Live cattle futures closed higher, up $5.70 on the December contract to $227.15 and up $3.15 on the February contract to $227.15.
“The live cattle contracts are trading higher into Friday’s noon hour as traders remain pleased with the higher uptick thus far in the fed cash cattle market,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day totaled about 10,000 head. Total cash trade for the week so far is estimated at about 63,000 head. Live steers sold from $217-222, and dressed steers sold from $340-345.
Slaughter for the day is estimated at 115,000 head, compared to 109,000 head a week earlier. With tomorrow’s slaughter expected at 10,000 head, total slaughter for the week is projected at 600,000 head.
Boxed beef prices were lower on 152 loads. The Choice cutout lost $1.52 to close at $361.20, and the Select cutout lost $2.93 to close at $347.39.
Feeder cattle
Feeder cattle futures were higher, up $2.47 to $339.05 on the January contract and up $3.57 to $333.30 on the March contract.
“Currently, the spot January contract is trading above the market’s 40-day moving average, which hasn’t been done since Oct. 24, but the market isn’t confident enough that there’s enough support to conquer the 100-day moving average,” Stewart said.
The CME Feeder Cattle Index gained $4.02 to close at $341.80.
Corn futures were modestly lower, down about a penny apiece to $4.36 and $4.44 on the December and March contracts, respectively. — Anna Miller Fortozo, WLJ managing editor
