Friday markets
Live cattle were higher today, while feeders were yanked down with higher corn prices.
Live cattle futures were higher today after their stumble yesterday. The June contract was up 95 cents to $121.05 and the August contract was up 45 cents to $121.55.
A small amount of cash trade took place, with 2,756 head selling between $120-124. On the formula side, 25,100 head averaging 852 lbs. sold for $194.11.
“Even though Thursday’s sell-off was disappointing, looking at the week the live cattle market and the cash cattle market have had is rather impressive,” remarked ShayLe Stewart, DTN livestock analyst.
Slaughter for the day is estimated at 117,000 head, a few thousand short of the same time last week. Tomorrow’s slaughter is projected to reach 69,000 head, bringing the week’s total to 663,000 head.
Boxed beef prices continue to decline. On 87 loads, the Choice cutout lost $2.97 to $323.28 and the Select cutout lost $3.63 to $283.61.
Feeder cattle
Feeders continued yesterday’s decline. The August contract was down $2.37 to $155.02 and the September contract was down $1.87 to $157.22. Corn managed to find its footing today and was up, with the July contract gaining 22 cents to $6.55 and the September contract gaining 29 cents to $5.77.
“Simply put, the feeder cattle contracts are cussing the corn market as they thoroughly enjoyed rallying throughout the earlier part of the week when corn was dogging lower,” Stewart said. “Thankfully the market’s weaker demeanor comes after the nation’s first big test of feeder cattle prices for the year.”
Superior Livestock Auction held their Corn Belt Classic sale yesterday, offering well over 51,000 head. Lighter calves were in hot demand, as well as program cattle.
Oklahoma: Oklahoma sold a total of 32,579 head this week. Feeder steers sold $3-6 higher. Feeder heifers sold $5-8 higher. Steer and heifer calves under 500 lbs. sold $3-7 lower; over 500 lbs. sold steady to $2 higher. — Anna Miller, WLJ managing editor
