Friday markets
“The livestock complex is trading lower into Friday’s noon hour as the market simply doesn’t have enough support to turn the futures higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were lower, down $1.50 on the June contract to $248.25 and down $1.95 on the August contract to $239.05.
“With the attitude around the cash market seeming as though prices are going to be lower this week—and with midday boxed beef prices lower—traders don’t have enough fundamental support to justify advancing the contracts,” Stewart said.
Cash trade for the day totaled just over 13,000 head. Live steers sold from $255-258, while dressed steers sold for $405. Total cash trade for the week through Friday afternoon was about 16,000 head.
Slaughter for the day is estimated at 105,000 head, compared to 99,000 head a week earlier. With tomorrow’s slaughter expected at 14,000 head, total slaughter for the week is projected at 448,000 head, compared to 532,000 head a week earlier.
Boxed beef prices were lower on 82 loads. The Choice cutout lost 85 cents to close at $391.47, and the Select cutout lost $2.40 to close at $383.18.
Feeder cattle
“Upon seeing the live cattle contracts drift lower, the feeder cattle contracts didn’t even attempt to trade higher and are also lower heading into Friday’s noon hour,” Stewart said.
Feeder cattle futures sank lower, down $4.60 on the August contract to $348.42 and down $4.90 on the September contract to $345.35.
The CME Feeder Cattle Index gained $2.37 to close at $369.63.
Corn futures were lower, down 9 cents on the July contract to $4.75 and down 4 cents on the December contract to $4.75. — Anna Miller Fortozo, WLJ managing editor
