Friday markets
Uncertainty about the marketplace next week with tariffs rolling out had the market closing lower.
Live cattle futures were down. The February contract lost $1.67 on its last trading day to close at $197.72, and the April contract lost $3.47 to close at $192.65.
“Between the boxed beef market’s mixed tone and the lower trend in cash prices, traders feel let down by the market’s fundamentals that has created the downturn in the futures complex,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the day was substantial at over 22,000 head. Live steers sold from $195-199, and dressed steers sold from $312-314. Total cash trade for the week is about 35,000 head so far.
Slaughter for the day is estimated at 107,000 head, on pace with last week. With tomorrow’s slaughter expected at just 2,000 head, total slaughter for the week is projected at 566,000 head, a few thousand head less than last week.
Boxed beef prices were mixed on 101 loads. The Choice cutout gained 65 cents to close at $311.83, and the Select cutout lost 8 cents to close at $302.05.
Feeder cattle
Feeder cattle futures also closed lower. The March contract lost $1.47 to close at $274.97, and the April contract lost $2.55 to close at $273.
The CME Feeder Cattle Index gained 91 cents to close at $279.64.
Corn futures plummeted lower another day, down 11 cents apiece on the March and May contracts, closing at $4.53 and $4.69, respectively. — Anna Miller, WLJ managing editor
