Friday markets
Futures took a turn for the lower today, uninspired by light cash trade volumes.
Live cattle futures closed lower, down $1.60 on the June contract to $249.87 and down $1.50 on the August contract to $241.17.
“Once again, the market’s resistance at its 40-day moving average becomes too much for traders to bear, which is mainly why the complex is trading lower into Friday’s noon hour,” ShayLe Stewart, DTN livestock analyst, said in her midday comments. “But it also isn’t helpful that the market has yet to see any cash cattle trade develop.”
She added, “At this point, even if the fed cash cattle market is able to trade cattle higher, it won’t likely have much of a positive effect on the complex ahead of the close.”
Cash trade for the day totaled about 13,000 head. Total cash trade for the week through the afternoon was about 16,000 head. Live steers sold from $253-259, and dressed steers sold from $400-409.
Slaughter for the day is estimated at 95,000 head. With tomorrow’s slaughter expected at 8,000 head, total slaughter for the week is projected at 524,000 head.
Boxed beef prices closed lower on 77 loads. The Choice cutout lost $1.28 to close at $391.93, and the Select cutout lost 53 cents to close at $372.72.
Feeder cattle
Feeder cattle futures closed lower, down $2.22 on the August contract to $357.42 and down $1.97 on the September contract to $354.55.
“Aside from the lack of technical support from the live cattle contracts, the feeder cattle contracts are currently under pressure from the market’s resistance at its 40-day moving average,” Stewart said.
The CME Feeder Cattle Index gained $2.04 to close at $370.10.
Corn futures traded mostly sideways, up a penny on the July contract to $4.12 and unchanged on the December contract at $4.40. — Anna Miller Fortozo, WLJ managing editor
