Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $2 higher in the Southern Plains at $126/cwt., $2 higher in the western Corn Belt at $126-$127 and $2-$3 higher in Nebraska at $127. Dressed trade was $4 higher at $200.
Total estimated cattle slaughter last week was 668,000 head, which was 7,000 more than the previous week and 28,000 more than the same week last year. Total estimated year-to-date cattle slaughter of 27.60 million head was 847,000 head more (+3.17%) than the same time last year. Total estimated beef production of 22.83 billion lbs. was 616.2 million lbs. more (+2.77%) than a year earlier.
Cattle futures closed lower Friday, likely mostly due to week-end and month-end position squaring, given improving fundamentals.
Live Cattle futures closed an average of 94¢ lower, except for $2.87 higher in expiring Oct and 12¢ higher at the back.
Feeder Cattle futures closed an average of 96¢ lower (35¢ to $1.45 lower).
Corn futures closed 4¢ to 5¢ higher through near Jly and then mostly 1¢ higher.
Soybean futures closed 2¢ to 3¢ higher through Jan ‘23 and then mostly fractionally higher to 1¢ higher.
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