Friday markets
The cattle markets headed uneventfully into the holiday weekend, unable to find any support on the board. Slaughter over the weekend will be limited due to the holiday, bringing down the week’s total number.
Live cattle futures were lower another day. The June contract lost 22 cents to close at $132.17, and the August contract lost 20 cents to close at $132.40.
“Given how much of the market’s premium has eroded in the deferred months, any little victory for the back months will be warmly welcomed as, fundamentally speaking, the market should garnish higher prices as supplies of market-ready cattle will be thinner then,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
There was some cash trade today to round out the week, with 4,112 head sold. Live steers sold between $138-142, and dressed steers sold between $223-225. Cash trade for the week totaled about 78,000 head.
For formula sales, a total of 20,500 head traded today. Steers averaged 830 lbs. and sold for an average of $223.36.
Slaughter for the day is estimated at 120,000 head. With tomorrow’s slaughter projected at a limited 25,000 head due to the holiday weekend, slaughter for the week is estimated at 644,000 head. Last week, slaughter totaled about 680,000 head.
Boxed beef prices were higher on 106 loads. The Choice cutout gained $1.45 to close at $265.42, and the Select cutout gained $2.07 to close at $246.50.
Feeder cattle
“Most May cattle have already moved this month,” wrote the Cattle Report. “The remaining cattle to move off pasture are finding less active competition from buyers who are unsure of the future for the economy and beef prices.”
Feeder cattle futures also experienced losses today. The August contract lost 35 cents to close at $166.32, and the September contract lost 42 cents to close at $169.30.
The CME Feeder Cattle Index was unchanged at $153.80.
Corn futures saw some slight gains, with the July contract up 12 cents to $7.77 and the September contract up 10 cents to $7.44.
South Dakota: Mitchell Livestock Auction in Mitchell sold 2,571 head on Thursday. Compared to last week, steers 1,000-1,150 lbs. sold $1-5 higher. A higher undertone was noted on heifers up to 850 lbs., and heifers 800-1,000 lbs. sold $2-6 higher. Benchmark steers averaging 779 lbs. sold between $158.25-166 and averaged $164.55.
The WLJ office will be closed Monday, May 28, in observance of Memorial Day. — Anna Miller, WLJ managing editor
