Cattle futures closed narrowly mixed Friday, closing out a dynamically positive week, fueled by the bullish Cattle inventory report.
Week to week on Friday, Feeder Cattle futures closed an average of $5.17 higher ($4.57 higher toward the back to $6.47 higher in spot Mar). The CME Feeder Cattle Index closed $1.51 higher week to week on Thursday at $160.17/cwt.
During the same period, Live Cattle futures closed an average of $3.28 higher and open interest grew by about 15,000 contracts.
On Friday, however, Feeder Cattle futures closed an average of 28¢ lower, except for an average of 32¢ higher in the back two contracts.
Live Cattle futures closed an average of 27¢ higher, except for 15¢ lower in near Jun and unchanged in the back contract.
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Friday afternoon, according to the Agricultural Marketing Service (AMS).
For the week, Live sales were $3 higher in the Texas Panhandle at $140, $3-$4 higher in Kansas at $139-$140, $2-$3 higher in Nebraska at $138-$140 and $2-$3 higher in the western Corn Belt at $140. Dressed trade was $4 higher at $222.
Estimated total cattle slaughter last week of 639,000 head was 4,000 head fewer than the previous week and 13,000 head fewer than the same week last year. So far this year, estimated total cattle slaughter of 3.16 million head is 185,000 head fewer (-5.5%) than the same time last year.
Corn futures closed mostly 5¢ higher through Jly ’23 and then 1¢ to 2¢ higher.
Soybean futures closed 9¢ to 11¢ higher in the front four contracts and then 3¢ to 6¢ higher through Aug. ’23, followed by mostly 1¢ lower.
Week to week on Friday, Corn futures closed an average of 11.6¢ lower in old-crop contracts and Soybean futures closed an average of 68.8¢ higher through the front six contracts.