Friday markets
Cattle markets wrapped up the week under a shadow of uncertainty, as traders remain haunted by recent volatility.
Live cattle futures were mixed over the day. The October contract ended today, up $1.32 to $236.60, and the December contract lost $1.42 to close at $229.67.
“Futures will need to seek a new support level and much will rely on beef demand moving into the holidays,” the Cattle Report said.
Cash trade for the day totaled about 6,000 head. Live steers sold from $230-235, and dressed steers sold for $360. Total cash trade for the week so far was about 48,000 head.
“With no positive notes developing from the fed cash cattle market, or sharply higher boxed beef prices, traders are remaining cautious players in the cattle complex as there’s been so much volatility over the last two weeks,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Slaughter for the day is estimated at 98,000 head, compared to 110,000 head a week earlier. With tomorrow’s slaughter projected at just 4,000 head, total slaughter for the week is expected at 559,0000 head compared to 573,000 head a week earlier.
Boxed beef prices were lower on 115 loads. The Choice cutout lost 14 cents to close at $378.13, and the Select cutout lost 87 cents to close at $358.65.
Feeder cattle
Feeder cattle futures were lower. The October contract lost $2.95 to close at $338.87, and the November contract lost $2.32 to close at $331.90.
“Although feeder cattle aren’t trading as sharply lower in the countryside as they were late last week and even earlier this week, the market continues to see cattle trading cheaper as a tremendous amount of confidence has been stripped from the marketplace,” Stewart said.
The CME Feeder Cattle Index lost $4.62 to close at $352.
Corn futures traded sideways, up a penny on the December contract to $4.31 and unchanged on the March contract to $4.44. — Anna Miller Fortozo, WLJ managing editor
