Negotiated cash fed cattle trade remained undeveloped through late Friday afternoon, based on USDA reports, which cited a few trades in Nebraska and the western Corn Belt at $124-$125/cwt. on a live basis. The Agricultural Marketing Service reported dressed sales $2 higher in Nebraska at $200. Chatter increased that trade was headed higher by the end of the day.
Expectations of steady to higher cash and firm fundamentals helped lift Cattle futures Friday. Those fundamentals include winter-depressed cattle weights.
Dressed steers weights for the week ending Jan. 5 were 6 lbs. lighter year over year at 896 lbs., according to the Actual Slaughter Under Federal Inspection report from USDA. Dressed heifer weights were 8 lbs. lighter at 892 lbs. A week earlier, year over year, dressed steer weights were 9 lbs. lighter and dressed heifer weights were 13 lbs. lighter.
As well, the slug of USDA reports released Friday—offering the year’s first grain supply and usage estimates—proved to be market neutral.
Live Cattle futures closed 61¢ higher (10¢ to $1.10 higher).
Feeder Cattle futures closed an average of 74¢ higher (50¢ to $1.02 higher).
Corn futures closed mostly fractionally lower to 2¢ lower.
Soybean futures closed mostly 1¢ higher.
Wholesale beef values were weak to lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was $1.36 lower Friday afternoon at $215.35/cwt. Select was 36¢ lower at $211.17.