Volatile and bearish outside markets weighed on most commodities Friday as shorter supplies battle with demand concerns stemming from steamy inflation, higher interest rates and slowing economic growth.
Feeder Cattle futures closed an average of 79¢ lower (25¢ lower at the back to $1.32 lower toward the front).
Live Cattle futures closed an average of 62¢ lower, except for 50¢ higher in spot Oct.
Corn futures closed mostly 5¢ to 8¢ lower.
Soybean futures closed mostly 8¢ to 12¢ lower.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Friday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, live prices were $1 higher in the Southern Plains at $145/cwt., steady to $2 higher in Nebraska at $148 and unevenly steady in the western Corn Belt at $148. Dressed prices were $2 higher at $232.
Choice Boxed beef cutout value was 45¢ higher Friday afternoon at $246.98/cwt. Select was $1.08 higher at $216.94/cwt.
Total estimated cattle slaughter last week of 660,000 head was 4,000 head fewer than the previous week but 21,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 26.7 million head was 417,000 head more (+1.6%) than the same time last year. Total estimated year-to-date beef production of 22.0 billion lbs. was 306.9 million lbs. more (+1.4%).