Friday markets
The market closed higher heading into the weekend.
Live cattle futures gained several dollars over the day. The October contract gained $3.10 to $224.97, and the December contract gained $3.50 to close at $227.05.
“The wait may have been worth it, as to everyone’s surprise the live cattle complex is trading robustly higher into midday Friday,” wrote ShayLe Stewart, DTN livestock analyst, in her Friday midday comments. “Not only is the market pushing a substantial $2.00 rally in most of its nearby contracts into the afternoon, but the rally has pushed the spot December contract out of its sideways trading range, which is a bold move.”
Cash trade for the day totaled about 9,300 head. Live steers sold from $218-222, and dressed steers sold for $345. Total cash trade for the week was about 40,000 head. Live steers sold from $218-222, and dressed steers sold from $345-350.
Slaughter through the day totaled about 94,000 head, compared to 100,000 head a week earlier. With tomorrow’s slaughter expected at 5,000 head, total slaughter for the week is projected at 531,000 head compared to 548,000 head last week.
Boxed beef prices were mixed on 124 loads. The Choice cutout lost $1.50 to close at $373.35, and the Select cutout gained $2.57 to close at $354.30.
Feeder cattle
“Upon seeing the momentum in the live cattle complex, and upon seeing ample trader support, the market couldn’t help but trade higher,” Stewart said.
Feeder cattle futures were several dollars higher. The October contract gained $5.82 to $343.85, and the November contract gained $7.07 to close at $341.95.
The CME Feeder Cattle Index lost $1.14 to close at $336.73.
Corn futures were lower. The December contract lost 20 cents to close at $4.79, and the March contract lost 21 cents to close at $4.94. — Anna Miller Fortozo, WLJ managing editor
