Negotiated cash fed cattle trade was limited on light demand in all regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.
For the week, live prices were $4-$5 higher in the Texas Panhandle at $154-$155/cwt., $3-$5 higher in Kansas at $155, $3-$4 higher in Nebraska at $157-$158 and $2-$5 higher in the western Corn Belt at $157. Dressed prices were $3 higher at $245.
Choice Boxed beef cutout value was 73¢ lower Friday afternoon at $251.83/cwt. Select was $1.04 higher at $234.37/cwt.
Estimated total cattle slaughter for the holiday-shortened week was 93,000 head fewer than the previous week at 581,000 head. Year-to-date estimated total cattle slaughter of 30.6 million head was 472,000 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 25.3 billion lbs. was 356.3 million lbs. more (+1.4%).
Cattle slaughter in October of 2.9 million head was 2% more than a year earlier, according to USDA’s Livestock Slaughter report. Commercial beef production was also 2% more year over year at 2.4 billion lbs.
Cattle futures drifted lower on holiday-lightened trade again Friday, despite fundamental strength for the week. Higher Corn futures prices added pressure.
Feeder Cattle futures closed an average of 76¢ lower (17¢ to 95¢ lower), except for 27¢ higher and unchanged in the back two contracts.
Live Cattle futures closed an average of 19¢ lower, except for 10¢ higher in away Dec.
Corn futures closed 4¢ to 5¢ higher through Jly ’23 and the mostly 1¢ to 2¢ higher.
Soybean futures closed fractionally higher to 3¢ higher.