Thursday markets
Feeder cattle futures climbed several dollars higher today after the holiday.
Live cattle futures closed lower, with the December contract down 17 cents to $190.80 and the February contract down 7 cents to $187.37.
Cash trade for the day totaled less than 600 head. Live steers sold for $190. Total cash trade for the week so far is about 3,000 head.
“Packer interest could improve throughout the day but it’s likely that trade could be delayed at this point until Friday,” said ShayLe Stewart, DTN livestock analyst, in her midday comments.
On the formula side, a total of 21,800 head averaging 923 lbs. averaged $310.28.
Slaughter for the day is estimated at 119,000 head, bringing the week’s total to about 275,000 head. Actual slaughter for the week ending Dec. 14 was 609,630 head. The average steer dressed weight was 950 lbs., 2 lbs. below the prior week.
Boxed beef prices were higher on 186 loads. The Choice cutout gained $4.41 to close at $320.39, and the Select cutout gained $2.02 to close at $288.77.
“Beef demand seem to know no bounds currently with no price resistance being noted at record high retail prices,” wrote Cassie Fish, market analyst, in The Beef. “It is thought that splurges on holiday foods are driven by higher-income households.”
Feeder cattle
Feeder cattle futures were several dollars higher, up $3.45 to $259.30 on the January contract and up $4.50 to $259.50 on the March contract.
“Talk about a wild way to come back from the Christmas holiday break!” Stewart said.
“I’m skeptical of whether the market will be able to surpass the market’s resistance given that it’s not an ideal time to take on such market opposition,” she noted. “With the New Year’s holiday just around the corner, the market doesn’t fully shake the holiday fog until after the new year.”
The CME Feeder Cattle Index lost $2.19 to close at $260.77.
Corn futures were higher, up 5 cents on the March contract to $4.53 and 5 cents on the May contract to $4.60.
Most auction markets will be closed until after the new year. — Anna Miller, WLJ managing editor
