Cattle futures firmed Friday.
Live Cattle futures were an average of $2.74 higher. However, they were an average $6.97 lower week to week on Friday. That’s about an average $23.09 lower over the past three weeks.
Feeder Cattle futures were an average of $2.36 higher on Friday but an average of $13.38 lower week to week and about an average of $51.78 lower over the past three weeks.
Negotiated cash fed cattle trade was mostly inactive on moderate demand in all cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $3-$4/cwt. lower in the Texas Panhandle at $232 and $3-$5 lower in Kansas at $232. FOB live prices were unevenly steady in Nebraska at $230-$230.50 and mostly $2 lower in the western Corn Belt at mostly mainly $228. Dressed delivered prices were steady to $1 lower in Nebraska at $357-$360 and steady to $3 lower in the western Corn Belt at $355-$360.
Choice boxed beef cutout value was $1.56 lower Friday afternoon at $376.40/cwt. Select was 33¢ higher at $361.09. Week to week on Friday, Choice was $1.73 lower but Select was $2.44 higher.
Grain futures and were lower Friday, while Soybean futures closed higher. Corn futures were mostly 1¢ lower. KC HRW Wheat futures were mostly 5¢ to 6¢ lower. Soybean futures were 5¢ to 10¢ higher through near Aug and then 3¢ to 4¢ higher.
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Major U.S. financial indices closed narrowly mixed Friday, following a volatile trading session.
The Dow Jones Industrial Average closed 74 points higher. The S&P 500 closed 8 points higher. The NASDAQ was down 49 points.
Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 32¢ to 35¢ higher through the front six contracts.
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Analysts with the Livestock Marketing Information Center (LMIC) provide some perspective on declining cash calf values, in the latest Livestock Monitor. They note Oct. 17 was the recent price peak for Medium and Large #1 steers weighing 500-600 lbs. in many market areas.
At the time, prices were $487.60/cwt. in Montana, $509.91 in South Dakota, $496.64 in Nebraska and $461.78 in the Southern Plains (Oklahoma and Kansas).Just two weeks later, LMIC analysts say prices were 9.1% to 12.6% lower in these areas at $426.25 in Montana, $462.35 in South Dakota, $451.50 in Nebraska and $406.71in Oklahoma and Kansas. Still, they point out prices in these market areas last week were 31.7% to 44.4% higher year over year.