Negotiated cash fed cattle prices were yet to be fully established through Friday afternoon, based on reports from USDA’s Agricultural Marketing Service (AMS), but the trend appeared decidedly higher. The Texas Cattle Feeders Association reported its members trading at $112/cwt., which was $3 more than the previous week. Although too few to trend, early dressed sales were $2-$5 higher at $182-$185 in Nebraska and the western Corn Belt.
Live Cattle futures closed an average of 31¢ higher on Friday (7¢ to 65¢ higher), helped along by recent strength and what looked to be steady to higher cash fed prices for the week.
Feeder Cattle futures closed an average of 83¢ lower, giving back some of the recent gains, under pressure from higher Grain futures prices. They traded and average of $3.11 higher week to week, though.
Grain markets largely shrugged off the previous day’s monthly World Agricultural Supply and Demand Estimates, given that projections were based on acres from the June 28 Acreage report, which common sense says will change. Between that and potential damage from hot and dry weather, following the interminable rains, grain futures surged on Friday.
After 1¢ higher in expiring spot Jul, Corn futures closed 9¢ to 11¢ higher though Jul ’20 and then mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 10¢ to 14¢ higher.
Wholesale beef values continued to lose seasonal steam. Trade on Friday was lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 97¢ lower Friday afternoon at $212.80/cwt. Select was $1.19 lower at $189.60.