Cattle futures took it on the chin Friday as traders seemed to grow more concerned about post-Labor Day beef demand and the continued apparent inability of cattle feeders to gain currentness, given the anemic packing pace.
Feeder Cattle futures closed an average of $2.04 lower Friday ($1.00 to $2.57 lower).
Live Cattle futures closed an average of $1.02 lower (45¢ to $1.27 lower) amid expanding open interest.
Negotiated cash fed cattle trade has was mostly inactive on very light demand in all major feeding regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service (AMS).
For the week, AMS reported live prices $2 lower in Nebraska at $126/cwt. and $2-$3 lower in the western Corn Belt at $125-$126. Dressed trade was $2-$5 lower in Nebraska at $200-$203.
The Texas Cattle Feeders Association reported its members trading steers at an average of $123.94/cwt., which was $1.57 more than the previous week. They traded heifers for $1.67 more at $123.80.
Corn futures closed 8¢ lower in spot Sep, then fractionally lower to 2¢ lower through Dec ’22, and then fractionally higher to 1¢ higher.
Soybean futures closed mostly 8¢ to 10¢ higher through new-crop contracts and then mostly 2¢ to 4¢ higher.