Negotiated cash fed cattle trade ranged from mostly inactive on light demand to limited on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, live prices were steady in the Southern Plains at $175/cwt., $1-$2 lower in Nebraska at $180-$185 and unevenly steady in the western Corn Belt at $182. Dressed prices were $2 lower at $288.
Choice boxed beef cutout value was 39¢ lower Friday afternoon at $306.60/cwt. Select was 94¢ lower at $287.80/cwt.
However, weaker Corn futures helped Feeder Cattle futures ease an average of 44¢ higher Friday, (5¢ to $1.00 higher), except for $1.25 lower in spot Apr. They closed an average of $3.69 higher week to week on Friday (37¢ higher in spot Apr to $5.92 higher).
Live Cattle futures closed mixed, from an average of 18¢ lower to an average of 11¢ higher. They were an average of 78¢ higher week to week on Friday, except for 77¢ lower in spot Apr.
Corn futures closed mostly 7¢ to 9¢ lower.
KC HRW Wheat closed mixed, mostly 1¢ to 2¢ lower through May ’24 and then mostly 3¢ higher.
Soybean futures closed mostly 12¢ to 21¢ lower.
Cattle futures could face some pressure heading into the new week, based on Friday monthly Cattle on Feed report.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More