Friday markets
“The live cattle contracts are soaking up all the market’s interest as the complex trades fully higher into the afternoon,” began ShayLe Stewart, DTN livestock analyst, in her midday comments. “It’s encouraging to see the market’s higher trade, which is complemented by another day of higher boxed beef prices and gaining open interest levels.”
Cash cattle had a disappointing day to end a disappointing week. Only 730 head traded—not enough volume to establish a market trend. On the formula side, a total of 15,600 head of cattle averaging 898 lbs. were priced at $178.94.
Live cattle contracts were able to gain back some support today. The February contract was up 70 cents to $112.77 and the April contract was up 97 cents to $118.20.
Boxed beef prices were mixed, with the Choice cutout down 45 cents to $212.92 and the Select cutout up $2.01 to $203.08 on 140 loads.
Slaughter for the day is estimated at 115,000 head and Saturday’s slaughter at 67,000, bringing the week’s total estimated slaughter to 651,000 head.
Feeder cattle
The March corn contract managed to lose some steam today, dropping just under 3 cents to $5.31. Feeder cattle contracts were able to gain some support in response, with the January contract up $1.97 to $134.57 and the March contract up $2.45 to $135.82.
Today’s CME Feeder Cattle Index was reported at $134.45, $1.04 lower than yesterday.
Nebraska: Ogallala Livestock Auction sold 8,210 head yesterday. Compared to last week, steers sold $2-6 lower and heifers sold $3-11 lower. Benchmark steers averaging 764 lbs. sold between $135-139 and averaged $137.54. — Anna Miller, WLJ editor
