Cattle futures closed higher Friday, helped along by the weekly decline in Corn futures and the hint of higher cash prices.
Live Cattle futures an average of $1.40 higher (92¢ higher at the back to $2.40 higher in spot Aug).
Feeder Cattle futures closed an average of $1.91 higher.
Negotiated cash fed cattle demand and trade were moderate in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, live FOB prices were $2-$3 higher at $188/cwt. Dressed delivered prices the previous week were $294-$295.
Elsewhere, trade ranged from mostly inactive on very light demand to limited on light demand.
Although too few to trend, there were a few live delivered sales in Kansas at $184.00-$185.50 and a few live FOB sales in Nebraska at $188.
The previous week, live FOB prices were $178-$179/cwt. in the Southern Plains and $186 in Nebraska, where dressed delivered prices were $292-$295.
Choice boxed beef cutout value was 22¢ lower Friday afternoon at $301.79/cwt. Select was $1.83 lower at $276.48/cwt.
Corn and Soybean futures firmed on Friday but continued to be capped by the favorable weather outlook.
Corn futures closed mostly 2¢ to 3¢ higher.
Soybean futures closed mostly 5¢ to 10¢ higher.
KC HRW Wheat closed mostly 9¢ to 12¢ lower.
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Major U.S. financial indices closed lower Friday. Pressure included a less robust jobs report than expected.
Total non-farm payroll employment rose by 187,000 in July, according to the U.S. Bureau of Labor Statistics. The unemployment rate was little changed at 3.5%.
Average hourly earnings in July for all employees on private non-farm payrolls rose by 14¢ (0.4%) to $33.74. Over the past 12 months, average hourly earnings have increased by 4.4%.
The Dow Jones Industrial Average closed 150 points lower. The S&P 500 closed 23 points lower. The NASDAQ was down 50 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.00 to $1.27 higher through the front six contracts.
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United States farm real estate value — a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023, up $280 per acre (+7.4%) from 2022, according to Land Values-2023 Summary from USDA’s National Agricultural Statistics Service.
United States cropland value averaged $5,460 per acre in 2023, which was $410 more per acre (+8.1%) than the previous year. Regionally, value increased from a low of 2.2% in the Delta states (AR, LA and MS) with an average value of $3,260/acre, to a high of 14.1% in the Northern Plains (KS, NE, ND and SD) with an average value of $4,200 per acre.
United States pasture value averaged $1,760 per acre in 2023, which was $110 more per acre (+6.7%) than the previous year. Regionally, value increased from a low of 2.4% in the Delta states (AR, LA and MS) with an average value of $2,940/acre, to a high of 13.5% in the Northern Plains (KS, NE, ND and SD) with an average value of $1,510 per acre.