Cattle futures closed higher Friday and for the week with strength from tight numbers, higher cash feeder cattle prices and stronger wholesale beef values.
Live Cattle futures were an average of $1.28 higher, except for 20¢ lower in waning spot Oct. Feeder Cattle futures closed an average of $3.01 higher.
Week to week on Friday, Live Cattle futures closed an average of $6.47 higher, and Feeder Cattle futures were an average of $14.06 higher.
Negotiated cash fed cattle was light on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were mostly $2 lower in the western Corn Belt at mainly $220/cwt. Dressed delivered prices in Nebraska were steady to $5 lower at $345. The previous week, FOB live prices were mostly $222-$223 in Nebraska and dressed delivered prices were $350 in the western Corn Belt.
Choice boxed beef cutout value was $2.71 higher Friday afternoon at $378.83/cwt. Select was $3.66 higher at $355.76. Week to week on Friday, Choice was $6.89 higher and Select was $2.50 higher.
Estimated total cattle slaughter last week of 484,000 head was 45,000 head fewer than the previous week and 75,000 head fewer than the same week last year. Last week’s ICE raids disrupted production at some plants, magnifying recently slower packer production. Year-to-date estimated total cattle slaughter of 20 million head was 1.7 million head fewer (-7.7%) than the same time last year. Estimated year-to-date total beef production of 17.9 billion pounds was 1 billion pounds less (-5.3%).
Grain and Soybean futures were mixed Friday as traders awaited news about the trade talks between the U.S. and China.
Soybean futures were mostly fractionally mixed from 1¢ lower to 1¢ higher. Corn futures closed mostly fractionally higher to 1¢ higher. Kansas City HRW Wheat futures were 5¢ lower through May ‘28.
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