Friday markets
The cattle market took a turn lower on the board. However, cash trade and slaughter volumes for the week are expected to be steady to higher.
Live cattle futures were lower, with the December contract down $1.55 to $151.52 and the February contract down $1.77 to $153.25.
“The trend later this week of mixed boxed beef prices hasn’t helped traders in their desire to push the December live cattle contract above the restless $152.77 resistance plane,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments.
There was a small amount of cash trade to close out the week, with about 3,000 head sold. Live steers sold between $150-153, and dressed steers sold for $242. Cash trade for the week should top 100,000 head.
On the formula side, a total of 22,600 head averaging 881 lbs. sold for an average of $245.03.
Slaughter for the day is estimated at 120,000 head, bringing the week’s total to about 630,000 head. With tomorrow’s slaughter expected at 41,000 head, total slaughter for the week is expected to be about 671,000 head, several thousand head more than a week earlier and 12,000 head higher than a year ago.
Boxed beef prices were sharply lower on 76 loads. The Choice cutout lost $4.33 to close at $258.94, and the Select cutout lost $1.56 to close at $235.27.
Feeder cattle
“With the corn market pushing a modest rally into Friday’s afternoon, it comes as no surprise that feeders are trading lower,” Stewart said. “Unfortunately, they’re doing so in an aggressive enough manner to where the market has already given back all that Thursday’s market gained.”
Feeder cattle futures were lower, with the November contract down $1.67 to $176.95 and the January contract down $3.12 to $178.57.
The CME Feeder Cattle Index lost 5 cents to close at $175.46.
Corn futures were slightly higher, with the December contract up 4 cents to $6.58 and the March contract up 3 cents to $6.63.
South Dakota: Mitchell Livestock Auction in Mitchell sold 2,968 head on Thursday. Compared to a week earlier, a higher undertone was noted on steers up to 900 lbs. Steers 950 lbs. and up were steady to $1 higher. A higher undertone was noted on heifers up to 850 lbs. Heifers 850-1,000 lbs. sold $1-4 higher. Benchmark steers averaging 626 lbs. sold for $200. — Anna Miller, WLJ managing editor
