Cattle futures gained early in Friday’s session and then closed lower with likely profit taking.
Live Cattle futures were an average of 63¢ lower, except for 42¢ higher in spot Jun.
Feeder Cattle futures were an average of $1.45 lower, except for 50¢ higher in spot May.
Week to week on Friday, Live Cattle futures closed an average of $2.19 higher (82¢ higher at the back to $3.57 higher at the front). Feeder Cattle futures were an average of 3.52 higher week to week on Friday ($3.02 higher at the front to $4.05 higher at the back).
Negotiated cash fed cattle trade was limited on good demand in the Southern Plains and light to good demand in in the North through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, FOB live prices were steady to $1 higher in the Texas Panhandle at $218-$219/cwt., steady to $2 higher in Kansas at $218-$220, $3-$5 higher in Nebraska at $225-$228 and $4-$5 higher in the western Corn Belt at $225-$228. Dressed delivered prices were $5 higher at $355.
Choice boxed beef cutout value was $1.92 lower Friday afternoon at $345.97/cwt. Select was $2.03 lower at $331.17. However, week to week on Friday, Choice was $3.07 higher and Select was $5.82 higher.
Grain and Soybean futures were mixed Friday.
Corn futures were mostly 2¢ to 3¢ higher with likely short covering ahead of Monday’s World Agricultural Supply and Demand Estimates. However, Corn futures were an average of 12’2¢ lower through the front six contracts, pressured by planting progress.
Kansas City Wheat futures were 5¢ to 7¢ lower, pressured by crop progress.
Soybean futures were mostly 2¢ to 7¢ higher, helped along by announced early trade negotiations between China and the U.S. over the weekend.
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Major U.S. financial indices closed narrowly mixed Friday.
The Dow Jones Industrial Average closed 119 points lower. The S&P 500 closed 4 points lower. The NASDAQ was up fractionaly.
West Texas Intermediate Crude Oil futures (CME) closed 76¢ to $1.11 higher through the front six contracts.
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This year’s peak fed steer price may still be a couple of months away if prices follow a similar course to 2024, say analysts with the Livestock Marketing Information Center (LMIC).
“The seasonal index for fed steer prices indicates that prices typically track steady through May, followed by a gradual move lower through September, and then trend higher through the fourth quarter of the year,” LMIC analysts explain, in the latest Livestock Monitor. “This year, seasonal fed steer prices are tracking slightly higher through April and into the first week of May. Seasonally, the pattern would signal the prices may move lower as Memorial Day approaches. Last year, fed steer prices peaked at $197.09/cwt. in the first week of July.”
For perspective, the weekly weighted average five area direct fed steer price was record high the week ending May 2 at $220.97/cwt., according to LMIC analysts. That was $35.23 more (19%) year over year. They point out the weekly average price has dipped below $200 only three time so far this year.