Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Colorado through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was mostly inactive on light demand with too few transactions to trend.
For the week, live prices were steady to $2 lower in the Southern Plains at $118-$119/cwt., $1-$2 lower in Nebraska at $119-$120, $2 lower in Colorado at $119 and $2-$3 lower in the western Corn Belt at $119. Dressed trade was $1-$2 lower in Nebraska and the western Corn Belt at $190-$191.
Continued increase in wholesale beef values helped Live Cattle futures mostly advance Friday, despite the week’s anemic cash trade and another surge higher in Corn futures, which upended Feeder Cattle once again.
Live Cattle futures closed an average of 87¢ higher, except for $3.47 lower in expiring Apr.
Feeder Cattle futures closed an average of $1.43 lower, from 10¢ lower at the back to $3.12 lower toward the front.
Choice boxed beef cutout value was $2.74 higher Friday afternoon at $296.50/cwt. Select was $3.26 higher at $283.05
Total estimated cattle slaughter for the week ending May 1 was 649,000 head, which was 16,000 head fewer than the previous week, according to USDA.
Corn futures closed 13¢ to 38¢ higher through Jly ‘22, and then mostly 5¢ to 9¢ higher.
Soybean futures closed 20¢ to 28¢ higher through Jan ‘22, and then mostly 12¢ to 18¢ higher.