Friday markets
The cattle market closed mostly steady to higher heading into the weekend.
Live cattle futures closed mixed, with the August contract up 52 cents to $231.75 and the October contract down 20 cents to $227.25.
Cash trade for the day totaled about 8,200 head. Live steers sold from $232-235, and dressed steers sold from $365-368. Total cash trade for the week through the afternoon was about 25,000 head.
“With midday boxed beef prices higher, feedlot managers will likely try to wait the week out until the bitter end in hopes of getting prices improved this week,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Slaughter for the day is estimated at 98,000 head, compared to 103,000 head a week earlier. Total slaughter for tomorrow is estimated at 7,000 head, bringing the projected slaughter for the week to 512,000 head, compared to 528,000 head a week earlier.
Boxed beef prices were higher on 82 loads. The Choice cutout gained 88 cents to close at $361.38, and the Select cutout gained $4.90 to close at $346.23.
The 50% lean trim contracts were several dollars higher, with the August contract up $6 to $171 and the September contract up about a dollar to $161.The 90% lean beef trim contracts remained unchanged, with the August contract at $457 and the September contract at $453.
Feeder cattle
Feeder cattle futures closed higher, up $1.55 on the August contract to $348.02 and up $1.32 on the September contract to close at $343.77.
“Demand has been steady at best in the countryside, so this week’s advancement on the board has solely been a technical decision by traders,” Stewart said.
The CME Feeder Cattle Index lost 22 cents to close at $347.69.
Corn futures were lower, down 5 cents on the September contract to $4.40 and down 4 cents on the December contract to $4.64. — Anna Miller Fortozo, WLJ managing editor
