Cattle futures bounced back from the previous day’s widespread commodity and equity sell-off, supported by stronger-late-week cash fed cattle prices and ongoing bullish fundamentals.
Feeder Cattle futures closed an average of $1.34 higher (82¢ to $1.62 higher).
Live Cattle futures closed an average of $1.48 higher ($1.22 to $2.10 higher).
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 to $1 higher in the Southern Plains at $183/cwt., steady in Nebraska at $184-$185 and steady to $1 higher in the western Corn Belt at $185-$186. Dressed delivered prices were steady at $292.
Choice boxed beef cutout value was $1.40 higher Friday afternoon at $303.33/cwt. Select was $1.43 higher at $280.43/cwt.
Estimated total cattle slaughter last week of 625,000 head was 7,000 head fewer than the previous week and 46,000 head fewer (-6.9%) than the same week last year. Year-to-date estimated total cattle slaughter of 23.6 million head was 1.1 million head fewer (-4.3%) than the same time last year. Estimated year-to-date beef production of 19.3 billion pounds was 1 billion pounds less (-5.1%) than a year earlier.
Grain and soybean futures firmed on Friday.
Corn futures closed mostly 2¢ higher.
KC HRW Wheat closed mostly 1¢ to 2¢ higher.
Soybean futures closed 1¢ to 3¢ higher.