Friday markets
Markets ended the day on a higher note, after trending upward all week.
“Live cattle futures are keeping the upward progression in their nearby contracts, but some of the deferred contracts are simply steady,” remarked DTN Livestock Analyst ShayLe Stewart in
her midday comments.
April live cattle were up 55 cents to $120.10 and June live cattle were up 70 cents to $121.77.
“The cash cattle market is quiet without any bids having been renewed at this point. There may be a few head trade before the day’s close, but for the most part this week’s business is wrapped up,” Stewart said. USDA did not release its daily cash trade report by WLJ press time.
Slaughter for the day totaled 115,000 head, a few thousand head above last week and a few thousand head below the same time last year. As of Friday, total slaughter for the week is projected at 590,000 head. Tomorrow’s slaughter is estimated at 56,000 head.
Boxed beef prices continue to climb higher, with the Choice cutout up $1.21 to $237.66 and the Select cutout up $1.52 to $227.77 on 84 loads.
Feeder cattle
Feeder cattle contracts were also in the green today, even with a rising corn contract. March feeders were up 90 cents to $145.12 and April feeders were up 75 cents to $149.87. The May corn contract gained 6 cents to close at $5.52. The CME Feeder Cattle Index closed Friday higher at $136.75.
“It’s not unlikely that if the momentum in the cash cattle market can continue into next week’s trade (which is very likely), the feeder cattle contracts will be back to their higher quest,” Stewart remarked.
Kansas: Winter Livestock in Pratt sold 3,965 head yesterday. Compared to last week, feeder steers 450-975 lbs. sold $2-5 higher. Steer calves 300-450 lbs. sold $10 higher. Feeder heifers 700-925 lbs. sold steady. Heifer calves 400-700 lbs. sold $2-5 higher. Benchmark steers averaging 761 lbs. sold between $143-146.75. — Anna Miller, WLJ editor
