Friday markets
The cattle market headed into the weekend on a mostly higher note, supported by higher cash trade.
Live cattle futures were mixed, with the December contract up 40 cents to $187.37 and the February contract down 15 cents to $186.17.
Cash trade finally took place Thursday afternoon and into Friday. By Friday afternoon, cash trade totaled more than 40,000 head. USDA did not release a Friday afternoon report ahead of WLJ press time. Live steers sold from $189-192, and dressed steers sold from $295-300.
Slaughter for the day is estimated at 117,000 head. With tomorrow’s slaughter projected at 12,000 head, total slaughter for the week is predicted at 614,000 head.
Boxed beef prices were mixed on 125 loads. The Choice cutout gained $4.20 to $312.04, and the Select cutout lost 37 cents to $276.73.
Feeder cattle
Feeder cattle futures saw some gains, the January contract gained 90 cents to close at $255.82 and the March contract gained $1.07 to close at $254.67.
“The feeder cattle complex has been the cattle market’s driving force before this past week, but traders grew tired of bearing all the market’s weight and looked around for continued support before they confidently advanced the market again,” Stewart said.
The CME Feeder Cattle Index gained $1.36 to close at $261.83.
Corn futures were higher, with the December contract up 4 cents to $4.30 and the March contract up 5 cents to $4.40. — Anna Miller, WLJ managing editor
