Friday markets
All contracts are higher and in the green heading into the weekend.
The August live cattle contract was up 75 cents to $100, October up 65 cents to $104.58 and December up 95 cents to $108.40.
The August feeder cattle contract was up $1.23 to $135.75, September up $1.15 to $137.33, and October up $1.38 to $138.50. The latest CME Feeder Cattle Index was up $1.23 to $134.92.
Boxed beef prices have remained stable; the Choice cutout was up 91 cents to $204.50 and the Select cutout was down 54 cents to $194.29 on a load of 93.
Today’s estimated slaughter is 119,000 head and Saturday’s slaughter is estimated at 71,000 head. Last year’s slaughter was 117,000 head and Saturday slaughter was 65,000 head. Slaughter capacity is finally back on track, but is still 5.6 percent down from last year’s levels.
Negotiated cash trade was limited on light to moderate demand in most feeding regions. There were not enough purchases in any region for an adequate market test. The latest established market was Thursday in the Northern Plains at mostly $96 with dressed purchases at mostly $157.
In the western Corn Belt on Thursday live cattle traded mostly at $99 with dressed purchases from $157-160. The latest established market in the Southern Plains was on Wednesday with live purchases at $95 in the Texas Panhandle and $94-95 in Kansas.
A total of 228,859 cattle traded on the formula contract, 6,363 on the grid and 19,625 on forward contract. Steers and heifers averaging 880 lbs. traded at $160.68 on the dressed formula contract and steers and heifers on the live basis averaging 1,373 lbs. averaged $99.82. — Anna Miller, WLJ editor
