Friday markets
Livestock futures regained momentum Friday, with broad gains across cattle markets sparking renewed optimism after a week of unsettled trade and midweek lows.
Live cattle futures closed triple digits higher, with the June contract up $3.05 to $224.75, the August contract up $4.10 to $213.30 and the October contract up $3.47 to $209.82.
Cash trade was moderate, with 15,238 head sold. Live steers sold for $225-233.50, and dressed steers sold between $365-373.50.
“Cash cattle trade still remains generally sluggish, with light trade being reported in parts of the North at $368, dressed, steady with yesterday’s business but $9 lower than last week’s weighted average basis Nebraska,” DTN reported in their midday comments. “The South remains rather quiet following yesterday’s live sales at $224 to $225, $4 to $5 lower than the prior week’s weighted averages. Some asking prices remain firm around $225-plus in the South and $370-plus in the North.”
On the formula side, 25,400 head averaging 906 lbs. sold for an average of $368.94.
Today’s slaughter is estimated to be 105,000 head, 3,000 head below a week earlier. Saturday’s slaughter is projected to be 3,000 head, bringing the estimated weekly total to 560,000 head.
Boxed beef prices were higher on 80 loads, with the Choice cutout up $1.44 to $396.49 and the Select cutout up $3.19 to $382.93.
Live cattle
Feeder cattle futures gained over $4, with the August contract up $4.60 to $307.90 and the September contract up $4.52 to $307.90.
“The ability to string together three positive market gains earlier this week, following strong pressure the previous week has helped to create stability through the feeder cattle market and allowed traders to use previous price levels as support levels,” DTN wrote.
The CME Feeder Cattle auction closed at $311.39.
Corn futures were also in the positive, with the July contract up 8 cents to $4.17 and the September contract up 7 cents to $4.11.
Kansas: Winter Livestock in Pratt sold 1,680 head on Thursday. Compared to the last auction two weeks ago, feeder steers 775-1,000 lbs. sold steady to $4 lower, but reputation and fancy steers sold steady to $8 higher. Feeder heifers 700-850 lbs. sold steady to $4 lower on very light receipts. Benchmark steers averaging 783 lbs. sold for $315.
Oklahoma: Apache Livestock in Apache sold 1,539 head on Thursday. Compared to the last auction, feeder steers and heifers sold steady to $5 higher. There were not enough comparable steer and heifer calves sales for a market test. Benchmark steers averaging 766 lbs. sold for $316-322, averaging $320.02.
Texas: Cattlemen’s Livestock in Dalhart sold 1,343 head on Thursday. Compared to the last auction, there were few comparable sales of steer and heifer calves, but a higher undertone was noted. A group of steers averaging 676 lbs. sold for $332.50.
Washington: Toppenish Livestock in Toppenish sold 1,645 head on Friday. Compared to the last auction two weeks ago, stocker cattle less than 700 lbs. sold $1-5 higher. Feeder cattle over 700 lbs. traded $1-9 lower. A group of steers averaging 688 lbs. sold for $320-340, averaging $325.77. — Charles Wallace, WLJ contributing editor
