Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, live prices were $2-$4 higher in the Texas Panhandle at $165-$167/cwt., $4 higher in Kansas at $167, $4-$7 higher in Nebraska at $168-$172 and $4-$6 higher in the western Corn Belt at $170. Dressed prices were $5-$7 higher at $270-$272.
Estimated total cattle slaughter last week of 651,000 head was 25,000 head more than the previous week and 12,000 more than the same week last year. Estimated year-to-date total cattle slaughter of 8.19 million head was 193,000 head fewer (-2.3%) than the same period last year. Estimated year-to-date beef production of 6.75 billion pounds was 282 million pounds less (-4.0%).
The week’s significantly higher cash fed cattle prices continued to push Cattle futures higher Friday.
Feeder Cattle futures closed an average of $1.03 higher.
Live Cattle futures closed an average of 66¢ higher (10¢ higher at the back to $1.12 higher toward the front).
Cattle futures received added support from wholesale beef prices. Choice boxed beef cutout value was $2.87 higher Friday afternoon at $282.07/cwt. Select was $2.26 higher at $270.72/cwt.
Corn futures closed mostly fractionally lower to 4¢ lower, except for 11¢ and 8¢ higher in the front two contracts. The Perspective Plantings report applied pressure
KC HRW Wheat closed 2¢ to 6¢ higher through May ‘24, and then 4¢ to 6¢ lower.
Soybean futures closed 10¢ to 31¢ higher through Aug ‘24, and then mostly 2¢ to 3¢ higher, helped along by the Grain Stocks report.
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