Friday markets
Futures pulled through over the day and closed several dollars higher, spurred by higher cash trade prices.
Live cattle futures saw several-dollar gains. The April contract gained $4 to close at $200.27, and the June contract gained $3.85 to close at $196.47.
“The live cattle complex was where Friday’s action mainly took place as the fed cash cattle market outperformed expectations, which thankfully had a positive effect on the futures contracts as well,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
There was a substantial amount of cash trade through the afternoon, with about 40,000 head sold. Live steers sold from $198-202.50, and dressed steers sold from $315-320. Total cash trade for the week so far is about 55,000 head.
Slaughter for the day is projected at 108,000 head. With tomorrow’s slaughter expected at just 3,000 head, total slaughter for the week is estimated at 578,000 head, compared to 566,000 head a week earlier.
Boxed beef prices were higher on 101 loads. The Choice cutout gained $1.78 to close at $314.90, and the Select cutout gained $2.29 to close at $305.80.
Feeder cattle
Feeder cattle futures were also several dollars higher. The March contract gained $2.95 to close at $276.97, and the April contract gained $3.72 to close at $278.15.
“Thankfully, traders were keenly watching the market, and when support began to appear, they were charged and fully engaged in the market, which allowed feeders to close sharply higher ahead of the weekend,” Stewart said.
The CME Feeder Cattle Index lost $1.78 to close at $276.09.
Corn futures were higher, up 5 cents to $4.55 on the March contract, and up 5 cents to $4.69 on the May contract. — Anna Miller, WLJ managing editor
