Friday markets
“Sharp losses in feeder cattle futures are leading the entire live cattle market lower,” DTN wrote in its midday comments. “Initial market weakness seen Thursday across the cattle market led to additional concerns in both live cattle and feeder cattle futures.”
Live cattle futures sank lower. The February contract lost $2 to close at $244, and the April contract lost $4.67 to close at $232.22.
Cash trade for the day totaled about 18,000 head. Live steers sold from $239-244, and dressed steers sold from $378-383. Total cash trade for the week through Thursday afternoon was about 46,000 head.
Slaughter for the day is estimated at 86,000 head, compared to 89,000 head a week earlier. With tomorrow’s slaughter expected at 3,000 head, total slaughter for the week is projected at 516,000 head, on pace with a week earlier.
Boxed beef prices were higher on 73 loads. The Choice cutout gained $1.88 to close at $379.77, and the Select cutout gained $3.46 to close at $374.25.
Feeder cattle
“The overall lack of buying interest stepping into the market during initial trade Friday in outside markets seemed to leave even more pressure flooding into the complex,” DTN said.
Feeder cattle futures plummeted lower. The March contract lost $6.22 to close at $355.42, and the April contract lost $7.55 to close at $351.20.
The CME Feeder Cattle Index lost $1.62 to close at $373.17.
Corn futures were higher, up 5 cents on the March contract to $4.38 and up 5 cents on the May contract to $4.48. — Anna Miller Fortozo, WLJ managing editor
