Friday markets
“It’s been a lethargic, slow trading day for the livestock complex as the markets struggle to entice traders to support the contracts today actively,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments.
Live cattle futures were lower, down $2.30 on the October contract to $229.97 and down $2.20 on the December contract to $231.92.
“With cash prices trending lower this week, and boxed beef prices seasonally softening as well, it’s not bewildering to see the markets weaker again,” Stewart said.
Cash trade for the day totaled about 9,400 head. Live steers sold from $237-240, and there was no market trend noted for dressed steers. Total cash trade for the week so far is about 45,000 head.
Slaughter for the day is estimated at 95,000 head. With tomorrow’s slaughter projected at 7,000 head, total slaughter for the week is expected to be about 561,000 head, compared to 487,000 head a week earlier (Labor Day week).
Boxed beef prices were lower on 128 loads. The Choice cutout lost 74 cents to close at $400.04, and the Select cutout lost $1.51 to close at $378.44.
Feeder cattle
“The feeder cattle complex is again trading lower as the market struggles to find stable support today in the futures complex,” Stewart said.
Feeder cattle futures closed lower. The September contract lost $4.82 to close at $350.40, and the October contract lost $6.55 to close at $345.80.
“Not helping matters either is the fact that fed cash cattle prices are trading lower and boxed beef prices are softer, which has put a lower waning attitude across all of the marketplace,” Stewart said.
The CME Feeder Cattle Index lost $1.99 to close at $363.48.
Corn futures saw some gains, unchanged on the September contract at $3.99 but 10 cents higher on the December contract to $4.30. — Anna Miller Fortozo, WLJ managing editor
