Negotiated cash fed cattle trade ranged from slow on light to moderate demand to limited on light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $1 higher in the Southern Plains at $180/cwt. and steady to $1 lower in the western Corn Belt at $183-$184. Prices in Nebraska the previous week were $182.
Dressed delivered prices were steady to $2 lower in Nebraska at $290 and steady in the western Corn Belt at $290.
Choice boxed beef cutout value was $1.24 higher Friday afternoon at $312.90/cwt. Select was 12¢ lower at $286.05/cwt.
Estimated total cattle slaughter for the holiday-shortened week of 559,000 head was 70,000 head fewer than the previous week and 47,000 head fewer year over year. Year-to-date estimated cattle slaughter of 22.4 million head was 986,000 head fewer (-4.2%) than the same period a year earlier. Estimated year-to-date beef production of 18.3 billion pounds was 964.2 million pounds less (-5.0%).
Cattle futures crept higher Friday, supported by the uptick in cash fed cattle prices and softer Corn futures.
Feeder Cattle futures closed an average of 36¢ higher, except for 22¢ lower in spot Sep.
Live Cattle futures closed an average of 42¢ higher, except for an average of 25¢ lower in the front two contracts.
Corn futures closed mostly 1¢ to 2¢ lower.
KC HRW Wheat closed mostly 4¢ to 5¢ lower.
Soybean futures closed 3¢ to 7¢ higher.
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