Negotiated cash fed cattle prices ended up lower last week: $1 lower in the Southern Plains on a live basis at $119/cwt.; steady to $3 lower in Nebraska at $122-$123; $1 lower in the western Corn Belt at $124. Dressed trade was $1-$7 lower in Nebraska at $195; $1-$2 lower in the western Corn Belt at $195.
Through Thursday, the five-area average direct fed steer price was $120.65/cwt. on a live basis, which was $2.15 less than the previous week. The average steer price in the beef was $196.79, which was 96¢ less.
Cattle futures, especially Feeder Cattle gained Friday, buoyed by lower Corn futures and expectations of a friendly Cattle on Feed report (see below).
Feeder Cattle futures closed an average of $1.76 higher across the board.
Live Cattle futures closed an average of 46¢ higher through Aug ’22; then down 30¢-45¢ in the back contracts.
Choice boxed beef cutout value was 49¢ higher Friday afternoon at $266.63/cwt. Select was 17¢ higher at $249.94/cwt.
Estimated total cattle slaughter last week was 652,000 head, which was 1,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 18.60 million head is 820,000 head more (+4.61%) than the same period last year.
Positive weather expectations and lower weekly exports pressured Grain futures Friday.
Corn futures closed down 10¢ to 18¢ through the front six contracts, then down 1¢ to 9¢ through Dec ’23.
Soybean futures closed down 10¢ to 15¢ in the through Jan ’22, then down 3¢ to 6¢.