Friday markets
The market was slow and closed out the week on an uneventful note.
Live cattle futures were lower. The October contract lost $1.02 to close at $150.37, and the December contract lost 42 cents to close at $153.
There was some cash trade today. A total of 10,873 head sold, selling between $152-153. Dressed steers sold for $240. Total cash trade for the week was about 80,000 head.
On the formula side, a total of 33,700 head averaging 866 lbs. averaged $239.05.
“From a fundamental sense, the market remains incredibly strong,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “Slaughter speeds have run aggressively this week, the cash cattle market saw a $2-5 advancement from last week’s weighted averages and boxed beef prices have continued to print higher.”
Slaughter for the day is estimated at 124,000 head. With tomorrow’s slaughter expected at 32,000 head, total slaughter for the week is projected to be 668,000 head.
Boxed beef prices were higher on 93 loads. The Choice cutout gained 77 cents to close at $263.26, and the Select cutout gained $2.58 to close at $234.49.
Feeder cattle
“There are quite a few feeder cattle buyers who have yet to fulfill their orders, but even with needing to get more cattle bought, they’re careful not to jump into the market uncalculatedly, as they have little room for error with margins as thin as they are,” Stewart said.
Feeder cattle futures also ended the week on a lower note. The November contract lost 25 cents to close at $177.87, and the January contract lost 7 cents to close at $180.37.
The CME Feeder Cattle Index was unchanged at $174.78.
Corn futures were also modestly lower. The December contract lost a penny to close at $6.80. and the March contract lost a penny to close at $6.86.
South Dakota: Mitchell Livestock Auction in Mitchell sold 6,346 head on Thursday. Compared to last week, a higher undertone was noted on steers up to 700 lbs. Steers 800-950 lbs. sold steady to $4 higher, steers 950-1,000 lbs. sold $4 lower and steers 1,050-1,100 lbs. sold steady. Heifers 700-1,000 lbs. sold steady to $2 higher. Benchmark steers averaging 720 lbs. sold between $179-188, averaging $185.11. — Anna Miller, WLJ managing editor
