Friday markets
The cattle market traded mostly higher into the holiday weekend, spurred by a bullish Cattle on Feed report, but some hesitancy was noted in cash trade.
Live cattle futures were mixed, with the June contract up 17 cents to $215.80 and the August contract down 5 cents to $210.45.
“Traders are keenly aware of the hesitancy this morning of the equity markets, amid furthered concerns about tariffs, and also adding some perplexities to the market is the fact that still no Southern live cattle have traded,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Cash trade for the afternoon totaled about 4,500 head. Live steers sold from $219-231, and dressed steers sold for $360. Total cash trade for the week so far was about 45,000 head.
Slaughter for the day is estimated at 97,000 head. With tomorrow’s slaughter projected at just 2,000 head, total slaughter for the week is expected at 570,000 head, compared to 566,000 head a week earlier.
Boxed beef prices were higher on 71 loads. The Choice cutout gained 58 cents to close at $261.55, and the Select cutout gained $2.37 to close at $351.32.
“This past week packers sold boxes with price gains slightly improving their deep in the red margins,” the Cattle Report wrote.
USDA released its latest Cattle on Feed report this afternoon. As of May 1, total cattle and calves on feed in the U.S. totaled 11.4 million head, down 2% from last year. Placements were 3% lower, and marketings were also 3% lower. Other disappearance totaled 50,000 head, 11% below 2024.
Feeder cattle
Feeder cattle futures were higher, up 60 cents on the August contract to $300.37 and up 72 cents on the September contract to $299.35.
The CME Feeder Cattle Index lost $1.95 to close at $295.69
Corn futures were lower, down 3 cents apiece on the July and September contracts, closing at $4.59 and $4.37, respectively.
The WLJ office will be closed Monday, May 26 in observance of Memorial Day. — Anna Miller, WLJ managing editor
