Friday markets
Live and feeder cattle futures fought to steady after midweek losses, with live cattle ending flat and feeders rebounding more than $2 in a volatile session.
Live cattle futures closed on both sides of sideways, with the October contract 25 cents lower to close at $231.80 and the December contract was unchanged at $234.30.
Cash trade was moderate, with 8,321 head sold. Live steers sold for $230-235, and dressed steers sold for $365.
On the formula side, 31,500 head averaging 924 lbs. sold for an average of $382.55.
“Bids are currently on the table in both Kansas and Nebraska, but no new sales have been confirmed yet for the day,” ShayLe Stewart, DTN livestock analyst, wrote in her midday comments. “Thus far this week, Northern dressed cattle have traded at mostly $365, which is $6 lower than last week’s weighted average and Southern live cattle have been marked at mostly $237, which is $3 lower than the previous week’s weighted average.”
Today’s slaughter is estimated to be 88,000 head, 1,000 higher than the previous week. Saturday’s slaughter is projected to be 1,000 head, bringing the estimated weekly total to 555,000 head.
Boxed beef prices were lower on 95 loads, with the Choice cutout down 54 cents to $371.43 and the Select cutout $1.01 lower to $352.44.
Feeder cattle
Feeder cattle futures closed triple digits higher, with the October contract up $2.95 to $357 and the November contract $2.25 higher to close at $354.47.
“The spot November contract is currently trading above the market’s 40-day moving average, and hopefully, with continued strong sales in the countryside, the market should be able to close above that threshold so long as nothing dramatic happens before the day’s end,” Stewart wrote.
The CME Feeder Cattle Index was $2.79 higher to $364.10.
Corn futures were lower, with the December and March contracts down 3 cents to $4.22 and $4.38, respectively.
Kansas: Winter Livestock in Pratt sold 2,209 head on Thursday. Compared to the previous auction, feeder steers 675-1,000 lbs. sold $5-12 higher, but thin-fleshed and reputation steers sold up to $20 higher. Steers 300-675 lbs. sold unevenly steady. Feeder heifers 525-950 lbs. sold $5-8 higher. Benchmark steers averaging 741 lbs. sold for $350-372, averaging $365.34.
Montana: Billings Livestock in Billings sold 2,428 head on Thursday. All feeder cattle were too lightly tested at the last sale to develop any market trend. Yearlings and calves were sold on uneven demand, with moderate offerings. Benchmark steers averaging 778 lbs. sold for $385-393 and averaged $388.98.
Texas: Cattlemen’s Livestock in Dalhart sold 2,198 head on Thursday. Compared to the last auction, comparable sales were too few to determine a trend, but a mixed undertone was noted. Benchmark steers averaging 721 lbs. sold for $380-393 and averaged $391.30. — Charles Wallace, WLJ contributing editor
