Cattle futures were higher Friday, helped along by steady cash fed cattle prices.
Live Cattle futures were an average of $1.34 higher. Feeder Cattle futures were an average of $2.60 higher.
Week to week on Friday, Live Cattle futures closed an average of $3.46 higher. Feeder Cattle futures closed an average of $6.96 higher.
Negotiated cash fed cattle trade ranged from light to moderate on moderate demand in the Southern Plains to moderate on moderate to good demand in Nebraska through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were steady to $1 lower in the Texas Panhandle at mostly $235/cwt. and steady elsewhere at mostly $235. Dressed delivered prices were mostly steady at mainly $372.
Choice boxed beef cutout value was 19¢ lower Friday afternoon at $400.11/cwt. Select was 49¢ higher at $392.94. Week to week on Friday, Choice was $2.89 higher and Select was 70¢ higher.
Estimated total cattle slaughter last week of 508,000 head was 17,000 head fewer than the previous week and 50,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 6.0 million head was 653,000 head fewer (-9.8%) than the same time last year. Estimated year-to-date beef production of 5.4 billion pounds was 429.8 million pounds less (-7.4%).
Grain and Soybean futures closed lower Friday on likely profit taking.
Kansas City HRW Wheat futures were 21¢ lower. Corn futures were 3¢ to 4¢ lower through Jly ‘27. Soybean futures were 5¢ to 7¢ lower through Aug ‘27.
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Major U.S. financial indices continued lower Friday as nearby Crude Oil futures stepped higher with no end in sight for the U.S.-Israel attack on Iran and mounting concerns about domestic price inflation.
The Dow Jones Industrial Average closed 443 points lower. The S&P 500 closed 100 points lower. The NASDAQ was down 443 points.
West Texas Intermediate Crude Oil futures (CME) were 17¢ to $2.68 higher through the front six contracts.
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Markets might view Friday’s monthly Cattle on Feed report as unfriendly with more placements than expected.
Feedlots with 1,000 head or more capacity placed 1.61 million head in February, which was 3.7% more than a year earlier and 4.7% more than average analyst estimates ahead of the report.
In terms of weights, 36% went on feed weighing 699 lbs. or less, 53% weighing 700-899 lbs. and 11% weighing 900 lbs. or more.
Feedlots marketed 1.52 million head in February, which was 111,000 head fewer (-6.8%) than a year earlier, about 1% more than expectations. Marketings were the second least for the month since the data series began in 1996.
On-feed inventory March 1 of 11.55 million head was just 28,000 head fewer (-0.2%) than the prior year, which was slightly more than expected.