Cattle futures closed lower Friday with traders wary of the looming government shutdown, which was subsequently averted with a temporary spending bill approved on Saturday. Traders were also closing the book on the week, month and quarter.
Feeder Cattle futures closed an average of $2.38 lower. They were an average of $6.21 lower week to week on Friday ($5.97 lower at the back to $8.62 lower toward the front).
Live Cattle futures closed an average of $1.97 lower ($1.57 to $2.50 lower). They were an average of $3.07 lower week to week on Friday.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were steady in the Southern Plains at $183/cwt., steady to $1 lower in Nebraska at $184 and $1-$2 lower in the western Corn Belt at $184. Dressed delivered prices were $2 lower at $290.
Choice boxed beef cutout value was 73¢ lower Friday afternoon at $300.78/cwt. Select was $1.40 lower at $276.04/cwt.
Total estimated cattle slaughter last week of 612,000 head was 13,000 head fewer than the previous week and 55,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 24.2 million head was 1.1 million head fewer (-4.4%) than the same time last year. Estimated year-to-date beef production of 19.8 billion pounds was 1.1 billion pounds less (-5.2%).