Friday markets
“After another downward waning week, where the market traded lower and lacked enough support in either realm (technical or fundamental), the live cattle contracts are finally trading a bit higher as traders have seemed to deem that the market has traded lower enough for the week,” said ShayLe Stewart, DTN livestock analyst, in The Beef.
Live cattle futures were higher, up $2.57 to $221.35 on the December contract and up $3 to $219.75 on the February contract.
There was some cash trade to round out the week. Live steers sold for $228, and no trend was noted for dressed steers. Total cash trade for the week was about 73,000 head.
Slaughter for the day is estimated at 96,000 head, compared to 98,000 head a week earlier. With tomorrow’s slaughter projected at 3,000 head, total slaughter for the week is expected to be about 555,000 head, compared to 559,000 head last week.
Boxed beef prices were mixed on 137 loads. The Choice cutout lost $1.57 to close at $376.40, and the Select cutout gained 33 cents to close at $361.09.
Feeder cattle
Feeder cattle futures were higher, up $4.35 to $326.40 on the November contract and up $3.97 on the January contract to $319.57.
The CME Feeder Cattle Index gained $2.63 to close at $349.42.
Corn futures closed lower, down a penny apiece on the December and March contracts to $4.27 and $4.42, respectively.
“Sales are still feeling a heightened level of anxiousness in the countryside, as a lower trend has been noted for the week in most classes,” Stewart said. — Anna Miller Fortozo, WLJ managing editor
