Friday markets
The cattle market closed lower heading into the weekend.
Live cattle futures were lower, down $1 on the June contract to $253, and down 85 cents on the August contract to $247.82.
Cash trade for the day was light, with about 1,300 head sold. No market trends were noted. Total cash trade for the week so far was about 90,000 head.
“Although it looks like the vast majority of this week’s trade in the fed cash cattle market is complete, traders are allowing the contracts to trade slightly higher and maintain a sideways chop in the upper echelon of its new trading range,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
On the formula side, a total of 22,000 head averaging 935 lbs. averaged $390.60.
Slaughter for the day is estimated at 90,000 head, compared to 93,000 head a week earlier. With tomorrow’s slaughter expected at 10,000 head, total slaughter for the week is projected at 534,000 head, compared to 529,000 head a week earlier.
Boxed beef prices were lower, down 41 cents on the Choice cutout to $389.11 and down $1.12 on the Select cutout to $387.05.
Feeder cattle
Feeder cattle futures were lower, down $1.25 to $371.40 on the May contract and down $1.35 to $372.17 on the August contract.
The CME Feeder Cattle Index closed at $372.47.
Corn futures were higher, up 3 cents on the May contract to $4.68 and up 5 cents on the July contract to $4.80. — Anna Miller Fortozo, WLJ managing editor
