Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Friday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, live prices were $2 lower in the Southern Plains at $138/cwt., $4 lower in Nebraska at $140 and $2-$3 lower in the western Corn belt at $142. Dressed prices were $4 lower in Nebraska at $226. Dressed prices in the western Corn Belt the previous week were $227-$230.
Total estimated cattle slaughter last week was 23,000 head more than the previous week and 8,000 head more than the previous year at 680,000. Total estimated year-to-date cattle slaughter of 13.0 million head was 84,000 head more. Total estimated year-to-date beef production of 10.8 billion lbs. was 98.9 million lbs. more than last year.
Choice Boxed beef cutout value was 47¢ higher through Friday afternoon at $262.17/cwt. Select was $3.04 lower at $243.02.
Cattle futures closed lower again Friday with continued pressure from volatile outside markets, and perhaps with some prescient positioning ahead of the Cattle on Feed report.
Feeder Cattle futures closed an average of 70¢ lower.
Live Cattle futures closed an average of 53¢ lower, except for 7¢ higher in spot Jun.
Corn futures closed mostly 1¢ to 4¢ lower.
Soybean futures closed mostly 8¢ to 9¢ higher.
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