Friday markets
The cattle market headed higher into the weekend following the release of USDA’s latest Cattle on Feed report.
Live cattle futures closed higher over the day, with the October contract up $1.20 to $233.57 and the December contract up $1.57 to close at $235.72.
Cash trade for the day totaled about 4,000 head. Live steers sold from $236-240, and dressed steers sold from $370. Cash trade for the week so far is about 45,000 head.
Slaughter for the day is estimated at 87,000 head, compared to 99,000 head a week earlier. With tomorrow’s slaughter expected at 5,000 head, total slaughter for the week is projected at 552,000 head, compared to 565,000 head last week.
Boxed beef prices were lower on 132 loads. The Choice cutout lost $3.76 to close at $382.05, and the Select cutout lost $1.39 to close at $359.92.
USDA released its latest Cattle on Feed report this afternoon. Total cattle and calves on feed as of Sept. 1 totaled 11.1 million head, down 1% from last year. Placements were 10% lower, and marketings were 14% lower. Other disappearance totaled 51,000 head, or 6% below last year.
Feeder cattle
Feeder cattle futures closed higher over the day. The September contract gained 97 cents to close at $359.15, and the October contract gained $2.37 to close at $354.10.
“And once again, the feeder cattle complex is falling right in line with what the live cattle contracts are doing as traders push both markets higher,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments. “It is worth noting, however, that the market is again seeing the biggest day-over-day gains in the furthest deferred months as those contracts are trading as much as $4 higher.”
The CME Feeder Cattle Index gained $1.26 to close at $362.62.
Corn futures were mixed to close out the day, with the December contract up 2 cents to $4.24 and the March contract down 2 cents to close at $4.41. — Anna Miller Fortozo, WLJ managing editor
