Thursday markets
“Shortened holiday weeks are tough because one minute the market can be as painfully boring as attending a third-grader’s recorder concert, and the next minute you’re sitting back in your chair wondering what the hell these bullish cattle contracts are thinking!” summed up DTN Livestock Analyst ShayLe Stewart.
Futures contracts were green across both boards today. The August live cattle contact was up $2.10 to $99.40, October up $2 to $102.68, and December up $1.42 to $105.93. Feeder cattle contracts exhibited similar closings: the August feeder cattle contract was up $1.80 to 134.88; September up $1.82 to $135.85; and October up $1.80 to $136.70.
Boxed beef prices continue to mellow out, and have remained almost unchanged with the Choice cutout at $205.44 (up 6 cents) and the Select cutout at 198.76 (up 33 cents) on a load of 156.
Negotiated cash trading in the Southern Plains has been slow with moderate demand. Live trades moved steady to $2 lower from $93-95. Trade was slow on light demand in the Northern Plains and western Corn Belt.
Live trades in the Northern Plains moved steady, with Nebraska trades from $95-96, and dressed from $154-155. Colorado trades moved mostly at $96.There were not enough trades for a market trend in the western Corn Belt.
Today’s slaughter is estimated at 121,000. The latest known CME Feeder Cattle Index was down slightly at $129.05. Due to the Fourth of July holiday, the market will be closed tomorrow. — Anna Miller, WLJ editor
