Other than Nebraska, negotiated cash fed cattle trade remained mostly undeveloped through late Friday afternoon. Live trades there were $1 lower than the previous week at $110-$110.50/cwt. Dressed trade was steady at $175.
Late Friday, the Texas Cattle Feeders Association reported its members trading cattle at steady money of $111.
Cattle futures firmed on Friday with apparent positioning ahead of the monthly Cattle on Feed report (see below).
Except for 5¢ higher in the back contract, Live Cattle futures closed an average of 51¢ higher.
Feeder Cattle futures closed an average of 87¢ higher across the front half of the board, and then an average of 10¢ higher.
Wholesale beef values were steady to firm on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 28¢ higher Friday afternoon at $204.80/cwt. Select was 20¢ lower at $194.71.
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Major U.S. financial indices closed mixed on Friday, with investors squaring the books amid little market-moving news.
The Dow Jones Industrial Average closed 85 points higher. The S&P 500 closed 1 point lower. The NASDAQ was down 41 points.
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Friday’s monthly Cattle on Feed report will likely be viewed as bearish, with more August placements than average estimates ahead of the report.
Placements in feedlots with more than 1,000 head capacity were 7.36% more than the previous year at 2.07 million head. That’s 2-4% more than expected.
Most cattle went on feed weighing less than 800 lbs. Specifically, 20.8% weighed less than 600 lbs.; 16.2% weighed 600-699 lbs.; 22.2% at 700-799 lbs.; 22.9% weighing 800-899 lbs.; 11.6% weighing 900-999 lbs.; 6.3% at weights of 1,000 lbs. or more.
Marketings in August of 1.98 million head were just about even with the previous year, but 4,000 head more.
All told, 11.125 million head were on feed Sept. 1, which was 5.9% more (+621,000 head) than the same time last year. That’s the largest inventory for the month since the data series began in 1996.