Cattle futures closed higher Friday but continued the back and forth sideways path.
Live Cattle futures closed an average of 85¢ higher.
Feeder Cattle futures closed an average of $2.64 higher.
Week to week on Friday, Live Cattle futures closed an average of 90¢ higher (20¢ higher toward the front to $1.62 higher near the back), except for 77¢ lower in spot Oct. Feeder Cattle futures were an average of $2.77 higher (17¢ higher at the front to $4.27 higher toward the back).
Negotiated cash fed cattle trade ranged from limited on moderate demand in the western Corn Belt to mostly inactive on light to moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $2-$5 lower in Nebraska at $230/cwt. and mainly $2 lower in the western Corn Belt at $230. Dressed delivered prices were $5 lower at $360.
The previous week, FOB live prices were $237/cwt. in the Texas Panhandle and $235-$237 in Kansas.
Choice boxed beef cutout value was 95¢ lower Friday afternoon at $362.27/cwt. Select was $1.98 higher at $345.38. Week to week on Friday, Choice was $9.16 lower and Select was $7.06 lower.
Harvest pressure weighed on the grain complex Friday.
Corn futures closed mostly 2¢ lower. KC HRW Wheat closed 1¢ to 2¢ lower. Soybean futures closed mostly 4¢ to 5¢ lower.
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Major U.S. financial indices closed mixed Friday.
The Dow Jones Industrial Average closed 238 points higher. The S&P 500 closed fractionally higher. The NASDAQ was down 63 points.
West Texas Intermediate Crude Oil futures (CME) closed 28¢ to 40¢ higher through the front six contracts.
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Although wholesale beef values are under seasonal pressure, retail beef prices remain at historically high levels.
Andrew P. Griffith, agricultural economist at the University of Tennessee points out the Choice beef price in August was 15.7% higher year over year at $9.85 per pound and the all-fresh retail beef price was 12.6% higher at $9.18 per pound.
Conversely, in his weekly market comments, Griffith explains the retail pork price was 2.2% higher year over year in August at $5.01 per pound. The retail broiler price was 4.4% higher at $2.08 per pound.
“Relative prices are often a topic when discussing meat prices, but it is abundantly clear that pork and chicken are poor substitutes for beef as consumers continue to pull beef off the shelf despite pork and chicken being relatively cheaper than beef today compared to a year ago,” Griffith explains. “The retail price of beef is not expected to continue climbing at such a rapid pace, but they will likely be sustained for several more months.”