Friday markets
“It was especially a big-hitting week for the cattle complex as traders pushed the contracts higher through Friday’s close thanks to the added support of yet-again record-breaking cash cattle prices,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were higher, up $1.25 on the June contract to $209.65 and up 60 cents on the August contract to $204.65.
Cash trade for the day was about 2,000 head. Through Friday afternoon, total cash trade for the week was about 97,000 head. Live steers traded from $216-224, and dressed steers sold from $347-352.
“This week will go down in history as one of the most powerful weeks for the cattle complex ever,” Stewart said. “Between new contract highs in the futures and record-breaking fed cash cattle prices—the market had enough support to make it all happen.”
Stewart continued, “I want to especially highlight that there has never been a time before when packers have been pressured by feedlot managers so much. Regardless of what packers want right now, feedlot managers are stern in their conversations and simply unwilling to yield to any opposition, which has partly been a catalyst as to why prices have advanced as rapidly as they have.”
Slaughter for the day is estimated at 87,000 head. With tomorrow’s slaughter projected at just 7,000 head, total slaughter for the week is projected at 559,000 head, compared to 555,000 head a week earlier.
Boxed beef prices were mixed on 101 loads. The Choice cutout lost 27 cents to close at $342.90, and the Select cutout gained $1.07 to close at $325.35.
Feeder cattle
Feeder cattle futures were mixed, up 65 cents on the May contract to $293.22 and down 57 cents on the August contract to $294.45.
The CME Feeder Cattle Index gained 33 cents to close at $296.10.
Corn futures were lower, down 3 cents apiece on the May and July contracts, closing at $4.61 and $4.69, respectively. — Anna Miller, WLJ managing editor
