Friday markets
“The livestock complex is trading higher into Friday’s noon hour as the market finally found the support it wanted to see,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures gained several dollars, up $3.40 on the April contract to $238.50 and up $3.92 on the June contract to $238.77.
Cash trade for the day totaled about 5,000 head. Live steers sold from $235-238, and dressed steers sold from $371-372. Total cash trade for the week through the afternoon totaled about 40,000 head.
Slaughter for the day is estimated at 92,000 head, compared to 76,000 head a week earlier. With tomorrow’s slaughter expected at 16,000 head, total slaughter for the week is projected at 520,000 head, compared to 503,000 head a week earlier.
Boxed beef prices were mixed on 107 loads. The Choice cutout gained $3.12 to close at $392.97, and the Select cutout lost $1.79 to close at $389.87.
The White House hosted a “Celebration of Agriculture” event in Washington, D.C. today, announcing plans to bring relief to the agriculture sector amid supply chain issues caused by the conflict in Iran.
“To further help farmers recovering from the Biden catastrophe, we used money taken from tariffs … we gave you $12B in farm relief … I’m also asking Congress to quickly pass the new farm bill,” President Donald Trump said at the event. “And today, I’m promising to request additional farm relief for our great patriots in the next funding bill.”
Feeder cattle
Feeder cattle futures closed several dollars higher. The April contract gained $6.37 to close at $361.45, and the May contract gained $8.05 to close at $359.82.
The CME Feeder Cattle Index gained $1.46 to close at $363.24.
Corn futures closed lower, down 5 cents on the May contract to $4.62, and down 4 cents on the July contract to $4.73.
“Feeder cattle demand has also been stronger this week in sale barns across the country as buyers realize turn-out season is quickly approaching,” Stewart said. — Anna Miller Fortozo, WLJ managing editor
