Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, prices are steady to unevenly steady in the Southern Plains and Nebraska with live prices at $124/cwt. in the Texas Panhandle, $123-$124 in Kansas and $125 in Nebraska. Live prices in the western Corn Belt were $1-$3 lower at $123-$124. Dressed traded was unevenly steady at $200.
Through Thursday, the five-area direct fed steer price was 83¢ lower on a live basis at $123.90/cwt. The average steer price in the beef was $2.14 lower at $200.81.
Estimated total cattle slaughter last week was 83,000 head more than the previous week at 660,000. Year-to-date estimated total cattle slaughter of 23.7 million head was 843,000 head more (+3.7%) than the same time last year. Total year-to-date beef production of 19.57 billion lbs. was 643.3 million lbs. more (+3.4%) than the same period last year.
Cattle futures sagged lower Friday amid outside market weakness and week-end positioning.
Feeder Cattle futures closed an average of 89¢ lower (57¢ lower at the back to $1.20 lower).
Live Cattle futures closed an average of 78¢ lower.
Choice boxed beef cutout value was $3.53 lower at $314.47/cwt. Select was 52¢ lower at $279.75.
Corn futures closed 1¢ to 3¢ lower.
Soybean futures closed 8¢ to 12¢ lower through Aug ‘22 and then mostly 4¢ to 6¢ lower.