Friday markets
Markets ended the week on an anticlimactic note after trade was disappointing throughout the week. Both fed cattle and feeder cattle have been unable to find much of a grasp in the marketplace. On the up side, corn prices have dropped drastically over the past two days.
Live cattle futures were lower today, with the June contract closing 30 cents lower at $115.30 and the August contract closing 57 cents lower to $118.82.
Some cash trade took place, with a total of 3,658 head selling for $120. Dressed steers brought $191. On the formula side, 20,900 head averaging 849 lbs. sold for $190.58.
Boxed beef prices were mixed today, with the Choice cutout up 16 cents to $316.94 and the Select cutout down $2.72 to $293.19 on 107 loads.
Slaughter for the day is projected at 115,000 head, a few thousand head higher than the same time last week. Tomorrow’s slaughter is estimated to hit 62,000 head, several thousand head higher than last week. Total slaughter for the week is expected to reach 640,000 head, about on trend with last week.
Feeder cattle
Feeders were slightly higher today on account of lower corn prices, but not by much. The May contract was up a dime to $137.55 and the August contract up 65 cents to $151.15. The CME Feeder Cattle Index closed 72 cents higher to $131.73. Corn futures took a hit, knocking the May contract down 34 cents to $6.85 and the July contract down 31 cents to $6.43.
“Grain will continue as a dominating factor in replacement cattle prices. Many stocker operators may choose to take a gamble on the feedlot instead of selling cattle at the distressed prices of today,” reported the Cattle Report.
“Feedlot placements will be entering a period when year on year numbers are meaningless. With a slightly smaller calf crop and skyrocketing grain prices, fewer cattle will be placed for finishing.”
Oklahoma: Woodward Livestock Auction in Woodward sold 4,047 head yesterday. Compared to last week, feeder steers sold $3-5 higher and feeder heifers sold mostly $2-4 higher. Steer calves sold mostly steady to $5 higher and heifer calves sold mostly steady on a light test. Benchmark steers averaging 766 lbs. sold between $136.40-140. — Anna Miller, WLJ managing editor
