Friday markets
Nearby cattle contracts closed higher, while deferred contracts were lower to finish the week.
Live cattle futures were mixed, with the June contract up 42 cents to $214.67 and the August contract down 42 cents to $209.57.
Cash trade was light to finish the week, with 6,427 head sold. Live steers sold for $225-228, and dressed steers sold for $355.
On the formula side, 32,200 head averaging 901 lbs. sold for an average of $349.80.
“A few new cash cattle bids have surfaced in the North at $225-228 live, but at this point, no new sales have been reported,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “So far this week, Northern dressed deals have been marked at mostly $355, $6 higher than last week’s weighted average. A regional in Nebraska paid as much as $360 for some cattle set for delayed delivery (the week of May 26th). The South had live sales marked at $218-221, mostly $219 to $220, $1-2 higher than last week’s weighted averages.”
Today’s slaughter is estimated to be 88,000 head. 1,000 head above a week earlier. Saturday’s slaughter is projected to be 2,000 head, bringing the estimated weekly total to 559,000 head.
Boxed beef prices were lower on 105 loads, with the Choice cutout down $1.92 to $345.97 and the Select cutout down $2.03 to $331.17.
Feeder cattle
Feeder cattle also closed mixed, with the May contract up 50 cents to $297.97 and the August contract down 95 cents to $300.30.
The CME Feeder Cattle Index was up $2.37 to $295.78.
“The feeder cattle complex has also run out of steam ahead of the weekend as its contracts are trading mostly lower into midday Friday,” Stewart wrote. “And while the market’s support was grandiose throughout the earlier part of the week, traders simply seem exhausted and seem to be welcoming the idea of pausing and catching their breath.”
Corn futures were higher, with the May and July contracts up 2 cents to $4.41 and $4.49, respectively.
North Dakota: Stockmen’s Livestock in Dickinson sold 507 head on Thursday. An accurate comparison to the last auction two weeks ago could not be made, but a steady undertone was noted. Benchmark steers averaging 772 lbs. sold for $311.50-319.50, averaging $315.49.
South Dakota: Mitchell Livestock in Mitchell sold 3,840 head on Thursday. Compared to the last auction, feeder steers and heifers sold significantly higher and demand was very good. Benchmark steers averaging 714 lbs. sold for $321-338, averaging $333.06.
Wyoming: Torrington Livestock in Torrington sold 2,075 head on Wednesday. Compared to the last auction, steer calves traded mostly steady. Heifer calves under 650 lbs. traded $4 lower and heifers over 800 lbs. traded $3 higher. Benchmark steers averaging 786 lbs. sold for $309-318, averaging $317.04. — Charles Wallace, WLJ contributing editor
