Negotiated cash fed cattle trade remained mostly undeveloped for the week through Friday afternoon. Although too few to trend, there were a few live trades in Kansas at $118-$120/cwt.; some earlier in the week in the Texas Panhandle at $117.
Cattle futures closed mixed on Friday, amid apparent profit taking and waiting on direction from cash fed cattle.
Other than unchanged to 15¢ lower in four contracts, Live Cattle futures closed an average of 48¢ higher (20¢ higher to 80¢ higher in spot Apr).
Except for 30¢ and 10¢ lower at the back of the board, Feeder Cattle futures closed an average of 47¢ higher.
Choice boxed beef cutout value was 13¢ higher Friday afternoon at $212.61/cwt. Select was 76¢ lower at $199.91.
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Major U.S. financial indices closed lower on Friday, pressured by banks like Citigroup and J.P. Morgan, even though their quarterly earnings surpassed expectations.
The Dow Jones Industrial Average closed 122 points lower. The S&P 500 closed 7 points lower. The NASDAQ closed 33 points lower.
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According to analysts with the Agricultural Marketing Service (AMS), preliminary first-quarter slaughter data indicates heifer slaughter was 4% more than last year and 10% more than the 3-year average. Beef cow slaughter was 10% more than last year and about 19% more than the 3-year average.
With drought in so many locations and forage prices increasing, AMS analysts note that heifer and beef cow slaughter levels could accelerate.