Friday markets
The cattle market closed higher heading into the weekend.
“The livestock contracts are attempting to end the week on a strong note as currently all three of the contracts are trading higher into Friday’s noon hour,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “There’s been some light business noted in the Nebraska for the fed cash cattle market, but largely feedlot managers are holding out for better prices.”
Live cattle futures closed higher, up $1.75 on the December contract to $2220.65 and up $1.85 on the February contract to $224.80.
Cash trade for the day was about 9,000 head. Live steers sold from $212-214, and dressed steers sold from $333-340. Total cash trade for the week through the afternoon was about 15,000 head.
“Upon seeing the resiliency of the fed cash cattle market, which has seen a few head traded at $335 in the Nebraska but otherwise hasn’t seen any other cattle just yet—traders are encouraged to see feedlot managers holing out, hoping that packer interest will improve, even it is just by a $1 or $2,” Stewart said.
Slaughter through the day is estimated at 106,000 head, compared to 93,000 head a week earlier. With tomorrow’s slaughter expected to be just 4,000 head, total slaughter for the week is projected at 545,000 head, compared to 534,000 head a week earlier.
Boxed beef prices were mixed today with the Choice cutout down $1.95 to $355.64 and the Select cutout up 44 cents to $349.15.
Feeder cattle
Feeder cattle futures were also higher, up $3.35 on the November contract to $339.02 and up $3.67 on the January contract to $335.35.
“With the added market support of seeing the live cattle contracts trading higher—the feeder cattle contracts can continue to boldly rally into Friday’s noon hour.
The CME Feeder Cattle Index gained $3.31 to close at $333.92.
Corn futures were higher, up 3 cents on the December contract to $4.45 and up 2 cents on the March contract to $4.56. — Anna Miller Fortozo, WLJ managing editor
