Friday markets
The market drifted into the weekend, with traders still waiting for delayed cash trading to take place.
Live cattle futures closed mixed. The February contract gained 57 cents to close at $243.07, and the April contract lost 2 cents to close at $240.62.
“The live cattle complex has drifted slightly lower as traders try to remain patient, waiting for cash cattle to trade,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was about 11,000 head. Live steers sold from $243-245, and dressed steers sold from $376-382. Total cash trade for the week through the afternoon totaled about 13,000 head.
Slaughter for the day is estimated at 86,000 head, compared to 85,000 head a week earlier. With tomorrow’s slaughter projected at just 1,000 head, total slaughter for the week is expected at 541,000 head.
Boxed beef prices were mixed on 60 loads. The Choice cutout lost 37 cents to close at $364.47, and the Select cutout gained 39 cents to close at $363.42.
Feeder cattle
Feeder cattle futures closed mixed. The March contract gained 42 cents to close at $366.15, and the April contract lost 17 cents to close at $363.45.
The CME Feeder Cattle Index lost 49 cents to close at $373.87.
Corn futures were slightly higher, with the March and May contracts gaining less than a penny to close at $4.31 and $4.42, respectively.
“Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months,” Stewart said. — Anna Miller Fortozo, WLJ managing editor
