Friday markets
The market closed out the week higher. Cash trade is expected to top 100,000 head, with live steers averaging $150.
Live cattle futures were higher. The October contract gained 70 cents to close at $150.47, and the December contract gained 75 cents to close at $152.42.
There was some cash trade to close out the week, with 1,609 head sold. Live steers sold for $146, and dressed steers sold for $236. Cash trade for the week is expected to be at least 100,000 head.
“The light sales volumes of the past two weeks compelled a large sales volume this week for the processors to restore normalized inventories,” the Cattle Report wrote. “For the past two days, late day sales outside the futures trading sessions, were prompted by the need to add cattle without sending futures sharply higher. “
Slaughter through the day is estimated at 122,000 head, bringing the week’s slaughter so far to about 631,000 head. With tomorrow’s slaughter expected at 42,000 head, total slaughter for the week is projected at an impressive 673,000 head.
Boxed beef prices for the week were higher on 94 loads. The Choice cutout gained 9 cents to close at $253.71, and the Select cutout gained $2.28 to close at $224.36.
Feeder cattle
Feeder cattle futures were mixed. The October contract lost 30 cents to close at $175.27, and the November contract gained 80 cents to close at $178.35.
The CME Feeder Cattle Index gained 17 cents to close at $172.94.
Corn futures were mostly sideways. The December contract gained less than a penny to close at $6.84, and the March contract also gained less than a penny to close at $6.90.
“If corn prices can trend no higher than steady—while the live cattle market takes off and trades higher amid a rallying cash cattle market—then, in time, the feeder cattle market will also be able to rally as more profits will be seen by feeders,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Oklahoma: Woodward Livestock Auction in Woodward sold 3,254 head on Thursday. Compared to last week, feeder steers and heifers sold mostly steady. Steer calves sold $8-12 higher, and heifer calves sold $4-8 higher. Benchmark steers averaging 762 lbs. sold from $171-177.50, averaging $174.97. — Anna Miller, WLJ managing editor
