Friday markets
“The market has run down another week off the calendar this week, futures trading in a sideways consolidation, still unable to convincingly overcover overhead resistance,” said Cassie Fish, market analyst, in The Beef.
Live cattle futures saw some green on the board, with the April contract up 80 cents to $140.47 and the June contract up 42 cents to $137.37.
There was some cash trade to close out the week, with 2,371 head sold. Live steers sold between $138-139, and dressed steers sold for $222. On the formula side, a total of 30,000 head averaging 862 lbs. sold for an average of $222.19.
Slaughter for the day is estimated at 114,000 head. Tomorrow’s projected slaughter of 57,000 head will bring the week’s total to about 659,000 head—about 15,000 head more than a week earlier.
Boxed beef prices were mixed on 76 loads. The Choice cutout gained 23 cents to close at $262.64, and the Select cutout lost 45 cents to close at $252.14.
Cattle and calves on feed in the latest Cattle on Feed report totaled 12.2 million head, up 1 percent from last year. Placements were 9 percent higher, and markets were 5 percent higher. Other disappearances totaled 2 percent higher.
Feeder cattle
“The poor feeder cattle contracts are again faced with higher grain prices, which means feeders are headed lower into Friday afternoon trade,” remarked ShayLe Stewart, DTN livestock analyst, in her midday comments. “The pressure from higher grain prices is enough to send the contracts lower but mixed with the unknown of today’s Cattle on Feed report and its February placement data, the market has a lot to juggle.”
Feeder cattle futures sank lower. The March contract lost 35 cents to close at $156.42, and the April contract lost $1.15 to close at $161.57. The CME Feeder Cattle Index gained 13 cents to close at $154.82.
Corn futures saw modest gains, with the May contract up 5 cents to $7.54 and the July contract up 6 cents to $7.34.
South Dakota: Mitchell Livestock Auction in Mitchell sold 5,356 head on Thursday. Compared to last week, feeder steers up to 600 lbs. sold on a higher undertone, steers 600-850 lbs. sold steady to $2 higher and steers 850 lbs. and up sold unevenly steady. Heifers up to 600 lbs. sold on a higher undertone, heifers 600-800 lbs. sold $4-9 higher and heifers 800 lbs. and up were unevenly steady. — Anna Miller, WLJ managing editor
