Thursday markets
Cash trade has been slow to develop, with feedlots holding out for higher prices ahead of the holiday. Cattle futures were higher, while corn traded mostly sideways.
Live cattle futures were higher, with the December contract up $1.05 to $158.50 and the February contract also up $1.05 to $158.85.
“The excellent demand in the boxed beef sector has given traders all the confidence they’ve needed to push the contracts higher yet again and it’s also giving feedlots the support they needed in order to demand stronger cash prices,” wrote ShayLe Stewart, DTN livestock analyst, in her midday comments.
Cash trade for Thursday was about 8,000 head. Live steers sold between $156-159, averaging $157.78. Dressed steers sold for $249.
“With feedlots going toe to toe with packers again this week, and demanding higher prices before they’ll pull the plug and trade cattle, it’s not unlikely that the week’s business waits to develop until Friday sometime,” Stewart said.
Slaughter for Thursday is estimated at 126,000 head, bringing the week’s total so far to 388,000 head. Last year, slaughter through Thursday was 467,000 head. Actual slaughter for the week ending Dec. 17 totaled 622,329 head.
Boxed beef prices were mixed on 101 loads. The Choice cutout lost 55 cents to close at $278.86, and the Select cutout gained $3.42 to close at $250.70.
Feeder cattle
Feeder cattle futures were modestly higher, with the January contract up 32 cents to $183.80 and the March contract up 57 cents to $186.77.
The CME Feeder Cattle Index gained $3.76 to close at $179.84.
Corn futures were lower, with the March contract down 3 cents to $6.79 and the May contract down 2 cents to $6.79.
Most sale barns are closed for the holidays.
Nebraska: Bassett Livestock Auction in Bassett sold 3,740 head on Wednesday. There was no recent test for an accurate comparison. Demand was good for all offerings, with several active buyers and active internet bidding. Benchmark steers averaging 774 lbs. sold from $185.50-199.50. — Anna Miller, WLJ managing editor
