Friday markets
The markets found some support on the board with higher cash trade today.
“Thursday we saw the cattle contracts react bullishly to the announcement that a case of New World screwworm has been confirmed in Texas for the first time in the last 60 years,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “Friday, the bullishness continues as even the fed cash cattle market is trading higher.”
Live cattle futures were modestly higher, up 90 cents on the June contract to $250.07 and up 12 cents on the August contract to $241.65.
Cash trade for the day was about 4,500 head. Live steers sold from $256-258. A market trend was not noted for dressed steers. Total cash trade for the week through Friday afternoon totaled about 75,000 head.
Slaughter for the day is estimated at 100,000 head, compared to 105,000 head a week earlier. With tomorrow’s slaughter expected at 5,000 head, total slaughter for the week is projected at 533,000 head, compared to 448,000 head during the Memorial Day week.
Boxed beef prices were mixed on 91 loads. The Choice cutout gained 4 cents to close at $392.70, and the Select cutout lost 35 cents to close at $382.69.
Feeder cattle
Feeder cattle futures were higher, up 52 cents on the August contract to $353.90 and up 75 cents on the September contract to $350.82.
“As long as the live cattle contracts continue to trade higher, the market will likely keep with its upward trend given that enough support is available in the complex right now,” Stewart said.
The CME Feeder Cattle Index lost $4.93 to close at $359.21.
Corn futures were lower, down 7 cents on the July contract to $4.17 and down 5 cents on the December contract to $4.46. — Anna Miller Fortozo, WLJ managing editor
