Friday markets
Despite a bullish Cattle on Feed report, the market headed into the weekend on a lower note.
Live cattle futures were lower, down $1.27 to $223.02 on the June contract and down $1.85 to $209.82 on the August contract.
Cash trade for the day was about 4,500 head. Live steers sold from $228-236, and dressed steers sold for $376. Total cash trade through Friday afternoon was about 50,000 head.
“Upon seeing the live cattle contracts dip lower, and upon seeing the slight dip in cash cattle prices, I don’t think there’s anyone in the cattle business who doesn’t wish that the market would have closed up shop at noon as opposed to trading until the day’s closing bell,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Slaughter for the day is estimated at 102,000 head. With tomorrow’s slaughter expected at just 1,000 head, total slaughter for the week is projected at 554,000 head, compared to 558,000 head a week earlier. Actual slaughter for two weeks earlier was reported at 581,299 head.
Boxed beef prices were mixed on 93 loads. The Choice cutout lost $3.29 to close at $390.50, and the Select cutout gained $2.36 to close at $376.95.
USDA released its Cattle on Feed report this afternoon, reporting total cattle on feed down 1% from last year. Placements were 8% lower, and marketings were 10% below 2024. Other disappearance totaled 62,000 head, unchanged from last year.
Feeder cattle
Feeder cattle futures were lower, down $1.72 to $302.45 on the August contract and down $1.57 to $302.22 on the September contract.
“It wasn’t surprising to see the feeder cattle complex close lower given the fact that the live cattle market closed lower too,” Stewart said.
The CME Feeder Cattle Index was lower, down 42 cents to $311.04.
Corn futures were lower, down 4 cents to $223.02 on the June contract and down $1.85 to $209.82 on the August contract. — Anna Miller Fortozo, WLJ managing editor
