Friday markets
“The doggish, gloomy outlook the market possessed throughout the week has somewhat lifted and the livestock contracts are taking a run for higher prices while the opportunity lasts,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Live cattle futures were higher, with the April contract up $1.40 to close at $137.30 and the June contract 50 cents higher to close at $132.95.
“Helping the market trade higher is the fact that boxed beef prices are trending higher and the looming pressure of the market’s uncertainty has somewhat eased its tensions in Friday’s trade,” Stewart said.
Cash trade was light, with 1,247 head selling for $140. On the formula side, a total of 28,100 head averaging 861 lbs. sold for an average of $223.92.
Slaughter through today is estimated at 610,000 head. Today’s slaughter was short about 12,000 head due to some plants down for maintenance. With tomorrow’s estimated limited slaughter of 34,000 head, slaughter for the week is projected at 644,000 head, about 10,000 head short of last week.
Boxed beef prices were modestly higher. On 97 loads, the Choice cutout gained 77 cents to close at $254.71, and the Select cutout gained $1.74 to close at $249.11
Feeder cattle
“The feeder cattle contracts are attempting to take Friday for all it’s worth as the corn market posts only a modest rally in the March and May 2022 contracts, while the rest of the corn contract months trend slightly lower,” Stewart said.
Feeder cattle futures were higher, with the March contract up $1.62 to $153.27 and the April contract up $1.72 to $157.97. The CME Feeder Cattle Index lost 50 cents to close at $152.56.
Corn futures were also higher, with the March contract up 6 cents to $7.64 and the May contract also up 6 cents to $7.62.
Oklahoma: OKC West Livestock Auction in El Reno sold 11,862 head Wednesday. Compared to last week, feeder steers traded $1-3 lower, and feeder heifers sold $3-6 lower. Steer and heifer calves sold $5-10 lower. Benchmark steers averaging 778 lbs. sold between $146-158, averaging $150.96. — Anna Miller, WLJ managing editor
