Cattle futures closed lower Friday on likely profit taking and week-end positioning.
Feeder Cattle futures closed an average of $1.74 lower (80¢ to $2.42 lower). However, they were an average of $3.89 higher week to week ($3.45 to $5.02 higher).
Live Cattle futures closed an average of 59¢ lower on Friday (37¢ to $1.20 lower). They gained back a lion’s share of the previous week’s losses, closing an average of $3.19 higher week to week on Friday ($1.65 higher at the front to $3.92 higher at the back).
Soybean futures rallied Friday on bearish weather reports in South America, leading Corn and Wheat futures higher.
Soybean futures closed 19¢ to 24¢ higher through Nov ‘24 and then 10¢ to 17¢ higher.
Corn futures closed mostly 5¢ to 7¢ higher.
KC HRW Wheat closed mostly 2¢ higher.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.
Although too few to trend, there were some FOB live prices at $185/cwt. in Nebraska and the western Corn Belt, and a few dressed delivered at $292.
The previous week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and mostly $183-$184 in the western Corn Belt. Dressed delivered prices were $290.
Choice boxed beef cutout value was $2.19 lower Friday afternoon at $302.34/cwt. Select was $2.33 lower at $272.01/cwt.
Estimated total cattle slaughter last week was 4,000 head fewer than the previous week at 632,000 head, which was 32,000 head fewer year over year. Estimated total year-to-date cattle slaughter of 27.4 million was 1.3 million head fewer (-4.6%). Estimated year-to-date beef production of 22.5 billion pounds was 1.2 billion pounds less (-5.2%) than the same time last year.