Negotiated cash fed cattle prices ended the week $1 lower in the Southern Plains at $105/cwt. on a live basis, $1.50 lower in Nebraska at $105 and $2 lower in the western Corn Belt at $104-$107. Dressed trade was $2-$3 lower at mostly $167.
Through Thursday, the five-area direct weighted average steer price was $105.12/cwt. on a live basis, which was $1.50 lower than the previous week. The weighted average dressed steer price of $166.52 was $2.59 less.
Cattle futures continued to soften Friday, with follow-through pressure from the week’s lower cash prices and outlook for declining wholesale beef values.
Other than 25¢ higher in almost spent spot Aug, Live Cattle futures closed an average of 72¢ lower.
Feeder Cattle futures closed an average of $1.02 lower from 22¢ lower at the back to $1.30 lower.
Choice boxed beef cutout value was $2.14 lower Friday afternoon at $229.40/cwt. Select was 60¢ higher at $214.86.
Estimated total cattle slaughter for the week ending Aug. 29 of 654,000 head was 2,000 more than the previous week’s estimate and 1,000 head more than the same time a year earlier. Year-to-date cattle slaughter is estimated at 20.99 million head, which would be 1.06 million fewer (-4.80%) than the same time last year. Estimated beef production so far this year is 17.36 billion lbs., which is 381.2 million lbs. less (-2.1%) than last year.
Corn futures closed mostly fractionally lower.
After 13¢ higher in spot Sep, Soybean futures closed mostly 6¢ to 8¢ higher.