Through Friday afternoon’s report, weekly negotiated cash fed cattle trade had yet to be established in the Southern Plains. Prices were higher in other regions, though. Live prices were $3-$4 higher in Nebraska at $163-$164/cwt. and $2-$4 higher in the western Corn Belt at $164, where dressed prices were $3 higher at $260. Dressed trade in Nebraska the previous week was at $257. The prior week, live prices were $162 in the Southern Plains.
Choice boxed beef cutout value was 63¢ lower Friday afternoon at 287.28/cwt. Select was $1.21 higher at $277.08/cwt.
Estimated total cattle slaughter last week of 618,000 head was 9,000 head fewer than the previous week and 33,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter was 121,000 head fewer (-2.3%) than last year. Estimated year-to-date beef production of 4.1 billion lbs. was 181.1 million pounds less (-4.2%).
Cattle futures took a breather Friday amid likely profit taking and positioning ahead of what turned out to be a neutral-to-positive Cattle on Feed report. More about that report momentarily.
Feeder Cattle futures closed narrowly mixed, from an average of 20¢ lower to an average of 16¢ higher. They were an average of $3 higher week to week.
Live Cattle futures closed an average of 25¢ lower, except for an average of 5¢ higher in the front two contracts. Week to week, there were an average of 70¢ higher.
Wheat futures dragged the grain complex lower Friday on chatter about a potential ceasefire between Russia and Ukraine.
KC HRW Wheat closed 19¢ to 22¢ lower.
Corn futures closed 8¢ to 10¢ lower through Jly ‘24 and then 3¢ to 5¢ lower.
Soybean futures closed mostly 7¢ to 14¢ lower.