Friday markets
Cattle contracts traded into the weekend on a higher note, even amid higher corn prices.
Live cattle futures moved into the weekend higher. The October contract gained $1.75 to close at $144.55, and the December contract gained $1.67 to close at $150.25.
“Holidays usually throw a wrinkle into the cattle market, and we evidently saw that over the past two weeks, but as the market looks to next week and what it may bring, feedlots are ready to get back to business and will likely price cash cattle higher as packers have been sheepish buyers as of late and will likely need the cattle,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for the week was about 70,000 head. Live steers sold from $140-145, and dressed steers sold from $225-228.
Slaughter through Friday is estimated at 621,000 head. With tomorrow’s slaughter expected to be only 17,000 head due to the holiday weekend, total slaughter for the week is projected at 638,000 head. The same time last year, total slaughter for the week was 621,000 head.
Boxed beef prices were higher on 89 loads. The Choice cutout gained $1.35 to close at $259.42, and the Select cutout gained $1.99 to close at $238.58.
Feeder cattle
“When the market dropped lower last Friday and first thing this week on Monday, ever since then the feeder cattle complex has slowly but surely been able to add a little to its position as feeder cattle demand remains strong and the market’s long-term trajectory of higher prices isn’t wavering,” Stewart said.
Feeder cattle futures also closed higher. The September contract gained 72 cents to close at $183.87, and the October contract gained 60 cents to close at $184.95.
The CME Feeder Cattle Index lost $1.11 to close at $181.25.
Corn futures also headed into the weekend higher. The September contract gained 10 cents to close at $6.69, and the December contract gained 7 cents to close at $6.65.
The market and the WLJ office will be closed Monday, Sept. 4, in observance of Labor Day. — Anna Miller, WLJ managing editor
