Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.
Live price last week were generally steady at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.
Cattle futures closed mixed on Friday, amid fairly light action as traders positioned ahead of the monthly Cattle on Feed report and the end of the week.
Feeder Cattle futures closed an average of 50¢ higher, except for 27¢ lower in spot Sep.
Live Cattle futures closed an average of 34¢ lower.
Estimated total cattle slaughter last week was 641,000 head, according to USDA’s Agricultural Marketing Service (AMS). That was 16,000 head fewer than the previous week. Year-to-date estimate total cattle slaughter of 20.11 million head was 627,000 head more (+3.2%) than the same period last year. Estimated year to date beef production of 20.1 billion lbs. was 627 million lbs. more (+3.2%) than the same time last year.
The average dressed steer weight the week ending Sept 11 was 909 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 3 lbs. heavier than the previous week but 11 lbs. lighter than the same week last year. The average dressed heifer weight of 831 lbs. was 9 lbs. heavier than the previous week but 5 lbs. lighter than the previous year.
Choice boxed beef cutout value was $2.28 lower Friday afternoon at $303.32/cwt. Select was 46¢ lower at $274.53.
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Major U.S. financial indices closed narrowly mixed Friday, ending a volatile week of trade.
The Dow Jones Industrial Average closed 33 points higher. The S&P 500 closed 6 points higher. The NASDAQ was down 4 points.
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Markets may deem Friday’s monthly Cattle on Feed report a bit bearish with August placements about 3% more than estimates ahead of the report.
There were 2.10 million head placed in feedlots with 1,000 head or more capacity, which was 2.3% more than a year earlier. Pre-report estimates, on average, saw a decline of 0.7%. In terms of weight, 34% went on feed weighing 699 lbs. or less, 48% weighing 800-999 lbs. and 18% weighing 900 lbs. or more.
Cattle marketed in August of 1.88 million head were 0.37% less than a year earlier, about even with pre-report expectations.
Cattle on feed Sept. 1 of 11.23 million head were 160,000 head fewer (-1.40%), which was 0.5% more than expected. That’s the second highest inventory for the date since the data series began in 1996, according to the Agricultural Marketing Service.