Steady Corn futures prices, firmer cash fed cattle prices and the recent uptick in wholesale beef prices helped Cattle futures rise on Friday.
Feeder Cattle futures closed an average of 95¢ higher (45¢ to $1.17 higher).
Live Cattle futures closed an average of 69¢ higher.
Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle through Friday afternoon, according to the Agricultural Marketing Service. FOB live trades were steady at $178-$179/cwt.
Trade in Kansas was slow on light to moderate demand with FOB live prices steady at $179.
Trade in Nebraska was limited on light demand with too few transactions to trend. For the week, live FOB prices were steady to $3 lower at $185. Dressed delivered prices were steady to $2 lower at $292-$295.
In the western Corn Belt, trade was slow on light demand with too few transactions to trend. For the week, FOB live prices were $1-$3 lower at $185. Dressed delivered prices the previous week were $290-$295.
Choice boxed beef cutout value was 27¢ higher Friday afternoon at $317.90/cwt. Select was 76¢ higher at $292.67/cwt. Week to week on Friday, Choice was $1.79 higher and Select was $4.31 higher.
Estimated total cattle slaughter last week of 626,000 head was 10,000 head more than the previous week but 52,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 21.2 million head was 928,000 head fewer (-4.2%) than the same period last year. Estimated year-to-date beef production of 17.3 billion pounds was 917.8 million pounds less (-5.0%) than the same time last year.
Turning to the grain complex, Corn futures closed mostly fractionally lower. KC HRW Wheat closed 1¢ to 2¢ higher. Soybean futures closed 10¢ to 16¢ higher through Aug ‘24 and then mostly 5¢ to 8¢ higher.