Friday markets
Cattle futures reacted to favorable cash trade, closing higher, but remained lower on the week.
Live cattle futures closed higher, with the June up $1.82 to $253.90 and the August contract $1.77 higher to $247.92.
Cash trade was light, with 1,865 head sold. Live steers sold for $264-265, and dressed steers sold for $415.
On the formula side, 17,800 head averaging 952 lbs. sold for an average of $406.73.
“No new trade has developed in the cash cattle market, and it’s looking like the bulk of this week’s trade is essentially done,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “So far this week, Northern dressed cattle have traded from mostly $410-415, which is $7-12 higher than last week’s weighted average, and Southern live cattle have traded at mostly $260-263, which is $3-5 higher than last week’s weighted average.”
Today’s slaughter is estimated to be 100,000 head, 8,000 head above last week. Saturday’s slaughter is projected to be 9,000 head, bringing the estimated weekly total to 535,000 head.
Boxed beef prices were higher on 103 loads, with the Choice cutout up $1.80 to $389.25 and the Select cutout 25 cents higher, also at $389.25.
Feeder cattle
Feeder cattle futures also closed in the green, with the May contract up $1.10 to $368.67 and the August contract $3.45 higher to $361.45.
The CME Feeder Cattle Index was 63 cents lower to $373.23.
Corn futures close lower on technical selling, with the July and September contracts down 11 cents to $4.55 and $4.63, respectively.
Kansas: Winter Livestock in Pratt sold 1,762 head on Thursday. Compared to the last auction, feeder steers 650-1,000 lbs. sold $8-20 higher. There were not enough steers under 600 lbs. for a market test. Feeder heifers 775-925 lbs. sold steady to $2 lower, one partial load of fancy heifers weighing 835 lbs. sold $4 higher. Heifers 550-775 lbs. sold $3-5 higher. There were not enough heifers under 550 lbs. for a market test. Benchmark steers averaging 719 lbs. sold for $391-397, averaging $395.65.
Texas: Cattlemen’s Livestock in Dalhart sold 953 head on Thursday. There were few comparable sales to state a trend, with the exception of 775 lbs. steers, which sold $12 higher. Some lighter calves pushed the $2000/ hd mark this week, possibly setting a record. Heifers, on the other hand, exhibited a lower undertone on slow demand. Benchmark steers averaging 775 lbs. sold for $378-382.50, averaging $381.71.
Washington: Toppenish Livestock in Toppenish sold 1,098 head on Thursday. Compared to the last auction, stocker and feeder cattle were firm, with an increase in offerings and quality. A lot of steers averaging 672 lbs. sold for $436-451, averaging $442.94. — Charles Wallace, WLJ contributing editor
