Friday markets
“The livestock complex had another fruitful day as most of the contracts were able to close higher,” DTN wrote in its closing comments.
Live cattle futures were higher, with the February contract up $2.50 to $237.75 and the April contract up $1.65 to $237.25.
“The live cattle complex closed higher as the market was pleased to see an uptick in both fed cash cattle prices and boxed beef prices, which quickly seemed to draw most traders’ attention past Thursday’s disruption,” DTN said.
Cash trade for the day is estimated at 13,555 head. Live steers averaged $243.29, and dressed steers averaged $378. Total dressed trade for the week through the afternoon was about 50,000 head.
Slaughter for the day is estimated at 85,000 head, compared to 90,000 head a week earlier. With tomorrow’s slaughter estimated at just 1,000 head, total slaughter for the week is projected at 536,000 head.
Boxed beef prices were higher on 60 loads. The Choice cutout gained $2.08 to close at $369.33, and the Select cutout gained $4.16 to close at $364.53.
Feeder cattle
“The feeder cattle complex also had a successful day as the market regained some of the lost position from Thursday’s downturn,” DTN said.
Feeder cattle futures were higher with the March contract up $3.35 to $367.42 and the April contract up $2.30 to close at $362.80.
The CME Feeder Cattle Index gained 59 cents to close at $375.16.
Corn futures were lower, down 4 cents on the March contract to $4.30 and down 4 cents on the May contract to $4.38. — Anna Miller Fortozo, WLJ managing editor
