Friday markets
Futures found relief over the day. USDA’s latest Cattle on Feed report was released this afternoon, showing slight declines in inventory and higher placements and marketings than a year ago.
Live cattle futures were higher, up 20 cents to $197.82 on the February contract and up 15 cents to $193.95 on the April contract.
“The change in market direction comes as a huge sigh of relief for traders (and everyone else involved in the marketplace) as it was concerning that the contracts were growing closer and closer to threatening the market’s 100-day moving average,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day was about 10,000 head. Live steers sold from $198-201, and dressed steers sold from $313-315. Total cash trade for the week so far is about 40,000 head.
“A few more cash cattle sales have developed throughout the morning with prices fully steady with the week’s decline,” Stewart said.
Slaughter for the day is estimated at 107,000 head. With tomorrow’s slaughter projected at 9,000 head, total slaughter for the week is expected at 563,000 head, compared to 561,000 head a week earlier.
Boxed beef prices were lower on 174 loads. The Choice cutout lost $1.86 to close at $310.77, and the Select cutout lost 62 cents to close at $302.56.
Today’s export report shows beef net sales were up 64% from the previous four-week average at 21,000 metric tons and up 35% from the previous four-week average.
The latest Cattle on Feed report as of Feb. 1 released this afternoon showed cattle and calves on feed 1% below last year. Placements were 2% higher, and marketings were 1% higher. Other disappearance totaled 26% below 2024.
“I do want to make a special note that it’s important to remember that last year placements in January were down 7% because of the brutally cold temperatures and snow accumulations,” Stewart said.
Feeder cattle
Feeder cattle futures were higher, up $1.12 to $267.95 on the March contract and up $1.17 to $267.55 on the April contract.
The CME Feeder Cattle Index gained 30 cents to close at $258.81.
Corn futures were lower, down 6 cents to $4.91 on the March contract and down 7 cents to $5.05 on the May contract. — Anna Miller, WLJ managing editor
