Negotiated cash fed cattle trade was slow to moderate with moderate demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices in the Texas Panhandle were $2 higher (compared to two weeks earlier) at $180/cwt. Live prices in Kansas were unevenly steady at $180 (a few up to $187) with live delivered prices at $184-$185. Prices in Nebraska were mostly $2 higher at $188 with a few up to $190. In the western Corn Belt, live prices were mostly $3-$4 higher at $188.
Dressed prices (FOB) in Nebraska were $8-$10 higher at $300.
Choice boxed beef cutout value was 18¢ higher Friday afternoon at $302.74/cwt. Select was $2.02 higher at $276.73/cwt.
Estimated total cattle slaughter last week of 628,000 head was 5,000 head fewer than the previous week and 35,000 head fewer (-5.3%) than the previous year. Year-to-date estimated total cattle slaughter of 18.1 million head was 700,000 head fewer (-3.7%) than the same time last year. Estimated year-to-date beef production of 14.8 billion pounds was 735.5 million pounds less (-4.7%).
As for futures, Live Cattle futures closed an average of 40¢ lower Friday, except for an average of 6¢ higher in two contracts.
Conversely, stronger cash prices and softer Corn futures helped Feeder Cattle futures gain an average of $1.11. They could be challenged Monday, however, with what will likely be considered a bearish Cattle on Feed report (see below).
Corn futures softened again with likely profit taking. They closed 7¢ to 10¢ lower through Dec ‘24 and then 5¢ to 6¢ lower.
KC HRW Wheat closed mostly 14¢ to 15¢ lower.
Soybean futures closed mostly 1¢ to 2¢ lower, except for 6¢ and 2¢ higher in old-crop contracts.