Friday markets
“Friday’s trade was lackadaisical as traders were leery of jumping into the livestock complex and simply let contracts scale lower into the weekend,” began DTN Livestock Analyst ShayLe Stewart.
Cash cattle was very limited on light demand in all feeding regions today. The last fully reported market was on Thursday, as there were not enough purchases today for a full market trend. Yesterday, live purchases moved at $107 in the Southern Plains and Nebraska, and at $107-108 in the western Corn Belt. Dressed purchases in Nebraska and the western Corn Belt moved at $168.
A total of 9,629 head of cash cattle sold today, compared to last year’s 44,173 head. On the formula grid, 12,900 cattle weighing 866 lbs. were priced at $168.62.
Live cattle futures were red across the board today. The October contract was down 35 cents to $108.18, December was down 73 cents to $111.10 and the February contract was down 75 cents to $114.73.
Estimated slaughter for the day is 117,000 head, up 5,000 head from last week and up 7,000 head from last year. Tomorrow’s slaughter is projected at 70,000 head, nearly 15,000 head above last Saturday’s slaughter. Week to date, slaughter is at 595,000 head, about on trend with last week and last year.
Boxed beef prices gained slightly throughout the day, but then ended up red at today’s close. The Choice cutout was down 10 cents to $218.88 and the Select cutout was down a penny to $207.61.
Feeder cattle
“Feeder cattle contracts closed lower with nearby contracts taking the brunt of Friday’s pressure,” Stewart said.
Compared to last week, steers and heifers sold uneven: $2 lower to $2 higher. The National Feeder and Stocker Cattle Summary reported large supplies of cattle are on the horizon.
Steer dressed weights declined 1 lb. this week to 919 lbs., 23 lbs. higher than last year. This was the first weekly decline in steer dressed weights since the middle of July.
Feeder cattle futures slumped today: The October contract dropped $1.03 to $139.90, November dropped $1.38 to $139.88, and January fell $1.55 to $138. The latest known CME Feeder Cattle Index was up 58 cents to $142.96.
Woodward Livestock Auction in Woodward, OK, sold 3,645 head yesterday. Compared to last week, feeder steers sold $2-4 higher. Feeder heifers sold steady to $4 higher. Steer calves were mostly steady on a light test. Heifer calves sold $2-6 higher. Demand was moderate and quality average.
Tulia Livestock Auction in Tulia, TX, sold 2,439 head yesterday. Compared to last week, feeder steers and heifers sold steady to $3 higher. Trade was active on good demand. Slaughter cows and bulls were $2-3 lower.
Toppenish Livestock Auction in Toppenish, WA, sold 1,750 head yesterday. Compared to last Thursday, stocker and feeder cattle were $1-4 lower as a bearish Cattle on Feed report was released last Friday. Slaughter cows sold steady and slaughter bulls sold $4-5 lower. — Anna Miller, WLJ editor
