Cattle feeders and beef packers appeared to remain mostly at a stalemate through late Friday afternoon, based on USDA reports.
“Negotiated cash trade followed a similar trend compared to recent weeks with early dressed purchases in the North ranging from $183 to $185/cwt. Dressed purchases late in the week traded mostly at $180,” said analysts with the Agricultural Marketing Service on Friday. “In the Western Corn Belt, early live purchases traded at $114-$115. Early live purchases in Nebraska were at $113.” They add that trade was slow to develop in the Southern Plains with producers passing on bids of $109.
Stronger corn prices early in the session and sluggish trade weighed on Feeder Cattle futures, while Live Cattle paddled in place.
Other than 10¢ higher and unchanged in the front two contracts, Live Cattle futures closed an average of 19¢ lower.
Feeder Cattle futures closed an average of $1.16 lower.
Wholesale beef values were weak on Choice and higher on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 51¢ lower Friday afternoon at $216.37/cwt. Select was $1.44 higher at $193.81.
“Grain traders spent most of the day repositioning themselves ahead of the highly anticipated Monday report,” say analysts with USDA’s Agricultural marketing Service (AMS). “There is a wide range of estimates for corn: 83.5 to 89.8 million acres planted, down from 91.7 million acres first reported for corn in June. Soybean estimates range from 78.0 to 83.5 million acres planted. The June report had soybean acres at 80 million. The WASDE report plus the re-survey of June acres report is set to be released at 11 a.m. CDT Monday.”
Corn futures closed fractionally mixed.
Soybean futures closed 7¢ to 8¢ higher, up 19¢ to 24¢ in the last two sessions.