Friday markets
The market headed lower into the weekend.
Live cattle futures were lower, down 5 cents on the August contract to $235.20 and down $1.05 on the October contract to $230.55.
“It was another disappointing day for the live cattle complex as the market continued its downward break,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Cash trade for the day was about 9,000 head. Live steers sold from $247-249, and dressed steers sold from $385-390. Total cash trade for the week through the afternoon was about 68,000 head.
Slaughter for the day is estimated at 99,000 head, compared to 25,000 head a week ago (holiday week). With no slaughter expected tomorrow, total slaughter for the week is projected at 529,000 head, compared to 458,000 head last week.
Boxed beef prices were higher on 90 loads. The Choice cutout gained $1.87 to close at $382.68, and the Select cutout gained $4.84 to close at $368.33.
Feeder cattle
Feeder cattle futures were lower, down $1.55 on the August contract to $354.60 and down $1.97 on the September contract to $351.02.
“It was another lower day for the feeder cattle complex as the market continues to closely mirror the direction of the live cattle complex; it didn’t help that buyer demand softened late in the week too,” Stewart said.
The CME Feeder Cattle Index gained $3.70 to close at $374.45.
Corn futures were higher, up 10 cents on the July contract to $4.38 and up 9 cents on the December contract to $4.61. — Anna Miller Fortozo, WLJ managing editor
