Cattle futures closed mostly higher Friday, ahead of the monthly Cattle on Feed report which turned out to be market friendly (see below).
Live Cattle futures were an average of 28¢ higher, except for unchanged and 10¢ lower in two contracts. Feeder Cattle futures were an average of $1.34 higher. Week to week on Friday, Live Cattle futures closed an average of $2.16 higher and Feeder Cattle futures were an average of $6.48 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Friday afternoon, according to the Agricultural Marketing Service.
The previous week, FOB live prices were $225-$227/cwt. in Nebraska and mainly $224 in the western Corn Belt. Dressed delivered prices were $350-$355 in Nebraska and mainly $350 in the western Corn Belt.
Choice boxed beef cutout value was $3.68 lower Friday afternoon at $365.79/cwt. Select was $2.28 higher at $352.69. Week to week on Friday, Choice boxed was $6.52 lower and Select was 36¢ lower.
Estimated total cattle slaughter last week of 546,000 head was 7,000 head fewer than the previous week and 27,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 22.2 million head was 1.7 million fewer (-7.2%) than the same week last year. Estimated year-to-date beef production of 19.8 billion pounds was 1 billion pounds less (-5%) than the same time last year.
Grain and Soybean futures were mixed Friday.
Corn futures were mostly 3¢ to 4¢ lower with continued harvest pressure.
Kansas City HRW Wheat futures were mostly 1¢ to 3¢ lower.
Soybean futures were mostly 2¢ to 5¢ higher, buoyed by exports
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