Cattle feeders’ patience paid off once again last week as they pried generally $2-$4 more from packers.
Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand, through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices were $2 higher in the Texas Panhandle at $160/cwt., $1-$2 higher in Kansas at $160 and steady to $4 higher in the western Corn Belt at $160. The previous week, live sales in Nebraska were at $155-$159.
Last week, dressed prices were $4 higher at $254.
Choice boxed beef cutout value was 37¢ higher Friday afternoon at $269.66/cwt. Select was 28¢ higher at $254.29/cwt.
Total cattle slaughter last week of 630,000 head was 11,000 head fewer than the previous week and 30,000 head less than the same time a year earlier. Year-to-date total cattle slaughter of 3.80 million head was 39,000 head fewer (-1.0%) than last year. Year-to-date beef production of 3.13 billion pounds was 93.2 million pounds less (-2.9%).
Stronger cash prices helped lift Live Cattle futures Friday.
Live Cattle futures closed an average of 21¢ higher, except for unchanged in away-Apr.
Feeder Cattle futures closed an average of 25¢ lower, except for 35¢ higher in the back contract.
Grain and Soybean futures were up on geopolitical news Friday. Russia’s announcement that it would cut oil production fueled recently stronger Crude Oil prices, dragging Corn and Soybeans along. For Wheat, it was a shakeup in Moldova’s government — a neighbor to Ukraine — which added wonderment of Black Sea exports.
Corn futures closed mostly 4¢ to 5¢ higher.
KC HRW Wheat closed 21¢ to 30¢ higher through Jly ‘24 and then mostly 16¢ higher.
Soybean futures closed 18¢ to 23¢ higher through Aug ‘23 and then mostly 9¢ to 13¢ higher.