Friday markets
Cattle markets rounded out the week on a higher note.
“Although traders are still waiting to see how this week’s cash cattle trade is going to pan out, the live cattle contracts are trading mildly higher as bullish undertones continue to be the theme of its market,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were higher. The April contract gained $1.12 to close at $203.17, and the June contract gained $1.07 to close at $199.35.
The bulk of cash trade occurred today, with about 25,000 head sold through the afternoon. Live steers sold from $202-207, and dressed steers sold from $320-330. Total cash trade for the week so far is about 27,000 head.
Slaughter for the day is estimated at 102,000 head. With tomorrow’s slaughter expected at just 2,000 head, total slaughter for the day is estimated at 587,000 head. Total slaughter for last week is estimated at 578,000 head.
Boxed beef prices were lower on 93 loads. The Choice cutout lost $1.42 to close at $318.27, and the Select cutout lost $1.15 to close at $306.32.
Feeder cattle
Feeder cattle futures were also higher. The March contract gained $1.75 to close at $281.97, and the April contract gained $1.22 to close at $281.20
The CME Feeder Cattle Index gained $2.54 to close at $281.25.
Corn futures were lower, down 8 cents to $4.45 on the March contract and down 6 cents to $4.58 on the May contract. — Anna Miller, WLJ managing editor
