Howdy to all, this is Wes Ishmael with your Cattle Current Market Update for the late weekend and Monday morning the 19th of September.
Estimated total cattle slaughter last week was 667,000 head, which was 63,000 more than the previous holiday-shortened week. Year-to-date estimated total cattle slaughter of 24.0 million head was 328,000 (+1.4%) more than last year. Estimated year-to-date beef production of 19.8 billion lbs. was 226.9 million lbs. more (+1.2%).
Cattle futures meandered Friday amid the heavy beef production, high Corn price outlook and recently lower wholesale beef values.
Live Cattle futures closed an average of 23¢ lower (5¢ to 35¢ lower).
Feeder Cattle futures closed mixed, from an average of 60¢ lower to 33¢ higher.
Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices were $1 higher in the Southern Plains at $142/cwt., steady to $1 higher in Nebraska at $143 and steady to $2 lower in the western Corn Belt at $143-$144. Dressed prices were steady to $1 higher in Nebraska at $226-$227. Dressed prices in the western Corn Belt the previous week were $225-$230.
Choice Boxed beef cutout value was 6¢ higher through Friday afternoon at $252.40/cwt. Select was $3.30 lower at $226.65/cwt.
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