Although there were too few transactions to trend, negotiated cash fed cattle prices on Thursday continued steady to $1 higher than the week’s higher prices of
$2 higher on a live basis at $107/cwt., except for in the Texas Panhandle, where prices are $2-$3 higher at $107-$108. Dressed trade is $2 higher at $167.
Live Cattle futures closed narrowly mixed, from an average of 26¢ lower to an average of 18¢ higher.
Feeder Cattle futures closed an average of 51¢ lower, except for an average of 17¢ higher in the back three contracts.
Choice boxed beef cutout value was $1.24 higher Thursday afternoon at $218.98/cwt. Select was 8¢ higher at $207.62.
The average dressed steer weight for the week ending Sept. 19 was 919 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. lighter than the previous week, but 23 lbs. heavier than the previous year. The actual dressed heifer weight of 836 lbs. was the same as a week earlier, but 13 lbs. heaver than the same week last year.
Actual total fed cattle slaughter of 513,153 was 7,154 head fewer than the prior year. Total cattle slaughter of 648,427 head was 12,430 head fewer (-1.88%). Beef production for the week of 543.3 million lbs. was just 600,000 lbs. less (-0.11%) than a year earlier.
Net U.S. beef export sales the week ending Sept. 24 totaled 24,700 metric tons for 2020, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service. That was 37% more than the previous week and 67% more than the prior 4-week average. Increases were primarily for Japan, Hong Kong, and Mexico.
Corn futures closed mostly 2¢ to 3¢ higher through Mar ’22 and then fractionally lower to 1¢ higher.
Soybean futures closed unchanged to fractionally mixed through Jan ’22 and then mostly 3¢ to 5¢ lower.