Friday markets
Live cattle futures were higher, while feeders lost some value. There was a moderate amount of cash trade today, but the bulk of it finished yesterday. The markets are likely to mellow out until the Thanksgiving holiday passes.
Live cattle futures were higher, with the December contract up 37 cents to $133.52 and the February contract up 45 cents to $137.70.
Cash trade for the day totaled 6,447 head, bringing the week’s total to about 114,238. Live steers sold between $133-135, and dressed steers sold for $210. On the formula side, a total of 27,500 head averaging 884 lbs. sold for $213.88.
“It’s unlikely next week’s trade will be as vast as buyers don’t want to be burdened over the holiday week; but come the following week, trade will resume as normal,” commented ShayLe Stewart, DTN livestock analyst, in her midday comments.
Slaughter for the day is projected at 121,000 head, bringing the week’s total to 608,000 head. Saturday slaughter is expected to add another 69,000 head to that number.
Boxed beef prices were higher on 103 loads. The Choice cutout gained $2.25 to close at $278.41, and the Select cutout gained 67 cents to close at $263.83.
The latest Cattle on Feed report was released today, a week earlier than usual due to Thanksgiving next week. Cattle and calves on feed were slightly down from last year. Placements were 2 percent higher, and marketings were 5 percent lower. Other disappearances totaled 59,000 head, 6 percent below 2020.
Feeder cattle
Feeder cattle futures were lower, with the January contract down 45 cents to close at $160.92 and the March contract down 17 cents to close at $163.37. The CME Feeder Cattle Index gained 19 cents to close at $155.65.
Corn futures were also lower, with the December contract down 2 cents to $5.70 and the March contract also down 2 cents to $5.77.
“Next week’s trade will be dismal throughout the countryside as it is Thanksgiving week and buyers don’t want to be on the road chasing sale barns, and feedlots don’t want to have to receive and work the calves once they’re purchased,” Stewart said. “The feeder cattle market will be lightly tested until the Thanksgiving holiday has passed.”
South Dakota: Mitchell Livestock Auction in Mitchell sold 4,305 head on Thursday. Compared to last week, a higher undertone was noted on steers up to 700 lbs. Steers 900-950 lbs. sold $1 higher, and steers over 1,000 lbs. sold on a higher undertone. A higher undertone was noted on heifers up to 600 lbs. and heifers over 1,000 lbs. Heifers 850-950 lbs. sold steady to $2 higher. — Anna Miller, WLJ managing editor
