Cattle futures closed higher with week-end positioning and positive outside markets but were lower week to week, unable to recover from the early-week meltdown.
Live Cattle futures closed an average of $1.92 higher (77¢ to $3.12 higher). However, they were an average of about $2.44 lower week to week.
Feeder Cattle futures closed an average of $3.77 higher Friday but were an average of $6.22 lower week to week.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $2 lower in the Southern Plains at $186/cwt. in the Texas Panhandle and mostly $186-$193 in Kansas, where live delivered prices were $190-$190.50. FOB live prices were $3 lower in Nebraska at $193 and $3-$4 lower in the western Corn Belt at $190-$193. Dressed delivered prices were $5 lower at $305.
Choice boxed beef cutout value was 59¢ higher Friday afternoon at $312.71/cwt. Select was 56¢ higher at $298.59/cwt.
Grain and soybean futures continued lower Friday ahead of Monday’s monthly World Agricultural Supply and Demand Estimates with many expecting increased yields.
Corn futures closed mostly 2¢ to 4¢ lower. Kansas City Wheat futures closed fractionally higher to 2¢ higher through May ’25 and then mostly fractionally lower. Soybean futures closed mostly 4¢ to 6¢ lower.
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Major U.S. financial indices continued to rebound Friday from the steep early-week selloff, buoyed by a positive employment reading.
Weekly initial unemployment insurance claims were less than expected at 233,000, according to the U.S. Department of Labor.
The Dow Jones Industrial Average closed 51 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 85 points.
West Texas Intermediate Crude Oil futures on the CME were 47¢ to 65¢ higher through the front six contracts.
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Beef continues to flex its muscle as consumers’ animal protein of choice, given demand at historically high retail prices.
“In June, the Choice retail price of beef was $8.12 per pound which was 2¢ lower than June 2023. The all-fresh retail price of beef was $8.00 per pound, which was 42¢ more than June 2023,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “It is clear consumers want and demand beef, but competing meat prices also play a role in what consumers do.”
For instance, Griffith explains the retail pork price in June was 20¢ higher year over year at $4.88 per pound and the retail broiler price was 5¢ higher at $2.01 per pound.
“Given price relativity, the all-fresh retail price of beef is up 5.6% while the pork price only increased 4.2% over the same time period,” Griffith says. “Consumers will consider this price relativity when making purchasing decisions, but it is clear beef is the preferred meat protein.”