Friday markets
“Friday ended up being a supportive day for the livestock complex as all three of the markets closed mostly higher,” wrote ShayLe Stewart, DTN livestock analyst, in her closing comments.
Live cattle futures were mixed, with the October contract down 37 cents to $185.92 and the December contract up 12 cents to $186.90.
“Aside from the U.S. election being next Tuesday, next week’s market could be a doozy for the live cattle complex,” Stewart said. “I suspect that traders could operate cautiously until some of the election buzz simmers, but as always, traders will likely rely heavily on the market’s fundamentals to give them a clear direction.”
Cash trade for the day was about 2,500 head. Live steers sold for $190, and dressed steers sold for $296. Total cash trade for the week so far is about 85,000 head. Live steers sold from $189-190, and dressed steers sold from $296-304.
Slaughter for the day is estimated at 119,000 head. With tomorrow’s slaughter projected at just 6,000 head, total slaughter for the week is expected at 615,000 head, 8,000 head short of a week earlier.
Boxed beef prices were lower on 95 loads. The Choice cutout lost $1.26 to close at $316.34, and the Select cutout lost 34 cents to close at $285.03.
Feeder cattle
“I think it would be remiss of me not to mention that although the cattle contracts endured some pressure this past week—demand remained incredible in the countryside for calves and feeders as the CME feeder cattle index danced mostly around $249 throughout the week which proves buyer support and interest,” Stewart said.
Feeder cattle contracts were higher, with the October contract up $1.50 to $246.87 and the November contract up $1.87 to $243.20.
The CME Feeder Cattle Index lost 22 cents to close at $250.98.
Corn futures were higher, with the December contract up 3 cents to $4.14 and the March contract up 3 cents to $4.29. — Anna Miller, WLJ managing editor
