Wholesale beef prices gained on Friday heading into the unofficial start of grilling season. Choice Boxed beef cutout value was $1.45 higher Friday afternoon at $265.42/cwt. Select was $2.07 higher at $246.50.
Firmer beef prices helped Live Cattle futures close an average of 22¢ higher, except for an average of 18¢ lower in the front three contracts and unchanged in Apr. They were an average of 48¢ higher week to week on Friday.
Feeder Cattle futures closed an average of 67¢ lower, from 35¢ lower in new spot Aug to $1.02 lower, amid continued light trade and under pressure from higher Corn futures once gain. However, Feeder Cattle futures closed an average of $2.53 higher week to week on Friday, despite the previous week’s bearish Cattle on Feed report.
Corn futures closed 10¢ to 12¢ higher through Jly ‘23, and then mostly 4¢ higher, presumably helped along by dry weather in South America. Soybean futures closed mostly 2¢ to 4¢ higher.
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices were $1 lower in the Southern Plains at $137/cwt., steady to $2 lower at $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $3 lower in Nebraska at $223. The previous week dressed prices were $223-$227 in the western Corn belt, and live prices in Colorado were $142.
Estimated total cattle slaughter last week of 644,000 head was 36,000 head fewer than the previous week, but 14,000 head more than the same week last year. Estimated year-to-date total cattle slaughter of 13.63 million head was 92,000 head more (+0.7%) than the same period last year. Estimated year-to-date total beef production of 11.36 billion lbs. was 101.5 million lbs. more (+0.9%) than the same time last year.
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