Negotiated cash fed cattle trade was at a standstill in all major feeding regions through Monday afternoon, according to the Agricultural Marketing Service.
Live prices last week were at $124/cwt. in the Southern Plains, $122-$124 in Nebraska and $122 in the western Corn Belt. Dressed prices were $196 in Nebraska and $193-$196 in the western Corn Belt. Between last week’s increased slaughter level and recent futures prices hopes are growing to budge cash prices higher this week.
Estimated total cattle slaughter last week of 657,000 head was 20,000 head more than the previous week and year. Estimated total year-to-date cattle slaughter of 25.63 million head was 815,000 head more (+3.3%) than the same time last year. Estimated year-to-date total beef production of 21.8 billion lbs. was 604.7 million lbs. more (+2.9%) than a year earlier.
Cattle futures found a little more traction Monday as traders appeared more confident in recent gains.
Feeder Cattle futures closed an average of 73¢ higher, except for 15¢ lower in spot Oct.
Live Cattle futures closed an average of 37¢ higher, except for 7¢ and 10¢ lower toward either end of the board.
Choice boxed beef cutout value was $2.15 lower Monday afternoon at $281.12/cwt. Select was 90¢ higher, though, at $263.64.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 9¢ to 14¢ lower.
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