Friday markets
Cattle markets continued their descent lower, discouraged by the ongoing discussion of expanding Argentina beef imports.
“Now that the market sits a couple of hours away from closing for the week, traders are waving their white flag, all but saying, “We’ve had enough already, let this week end,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures dropped lower, down $5.97 to $233.75 on the October contract and limit down $7.25 to $233.92 on the December contract.
“There’s too much volatility and uncertainty being laced within the complex (mostly being driven by headlines and posts on social platform X) for there to be any sound decision-making and credence put on the market’s bullish, long-term fundamental trajectory,” Stewart said.
Cash trade for the day totaled about 48,000 head. Live steers sold from $232-239, and dressed steers sold from $365-372. Total cash trade for the week is about 70,000 head so far.
Slaughter for the day is estimated at 110,000 head. With tomorrow’s slaughter expected at 17,000 head, total slaughter for the week is projected at 573,000 head, compared to 567,000 head a week earlier.
Boxed beef prices were higher on 133 loads. The Choice cutout gained $2.62 to close at $375.76, and the Select cutout gained $3.23 to close at $357.97.
Feeder cattle
Feeder cattle futures nosedived, hitting limit down on deferred contracts. The October contract lost $9.05 to close at $354.30, and the November contract lost $9.25 to close at $352.20.
“Unfortunately, today’s severe decline has pushed the November spot back below its 40-day moving average, which is not a good technical signal,” Stewart said.
The CME Feeder Cattle Index lost $1.38 to close at $370.62.
Corn futures were also lower, down 4 cents apiece on the December and March contracts to $4.23 and $4.37, respectively. — Anna Miller Fortozo, WLJ managing editor
