Friday markets
Live cattle and feeder contracts ended the day on a lower note, pressured by technical resistance despite strong demand in the market.
Live cattle futures were lower, down 72 cents to $208.82 on the April contract and down 95 cents to $204.85 on the June contract.
“Traders are hopeful that the cash market will trade higher but aren’t comfortable trading the contracts higher until they see for sure,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the day totaled about 15,400 head. Total cash trade for the week so far was about 25,000 head. Live steers sold from $207-214, and dressed steers sold from $330-345.
“Once again the week concludes with demands for next week’s purchases compressed into one day at week’s end,” the Cattle Report wrote.
Slaughter for the day is estimated at 107,000 head. With tomorrow’s slaughter expected at 17,000 head, total slaughter for the week is projected at 609,000 head, compared to 560,000 head last week.
Boxed beef prices were lower, down $2.90 on the Choice cutout to $332.82 and down 76 cents to $318.68 on the Select cutout.
Feeder cattle
Feeder cattle futures were also lower. The April contract lost 62 cents to close at $286.92, and the May contract lost $1.35 to close at $285.17.
The CME Feeder Cattle Index gained 77 cents to close at $287.67.
Corn futures were higher, up 3 cents to $4.53 on the May contract and up 2 cents to $4.60 on the July contract.
“Demand in the countryside remains incredible in terms of buyers’ willingness to bid calves and feeders higher and higher, so today’s hesitancy is solely technical,” Stewart said. — Anna Miller, WLJ managing editor
