Cattle futures strengthened Friday on the back of the week’s sharply higher fed cattle prices.
Live cattle futures closed an average of $2.06 higher. Feeder Cattle futures closed an average of $3.42 higher.
From Monday through Friday, Live Cattle futures closed an average of $5.51 higher. Feeder Cattle futures closed an average of $10.72 higher.
Negotiated cash fed cattle trade ranged from limited on moderate demand to moderate-to-heavy on good demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $4 higher in the Texas Panhandle at $228/cwt., $4-$5 higher in Kansas at $228-$230, $8-$10 higher in Nebraska at $240 and $5-$6 higher in the western Corn Belt at $235-$240. Dressed delivered prices were $12 higher at $380.
Choice boxed beef cutout value was $6.02 lower Friday afternoon at $378.64. Select was $4.37 lower at $366.49.
Estimated total cattle slaughter last week of 568,000 head was 94,000 head more than the previous week but 37,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 15.6. million head was 1.1 million head fewer (-6.5%) than the same period a year ago. Estimated year-to-date beef production of 13.6 billion pounds was 473.6 million pounds less (-3.4%).
Grain and Soybean futures were lower Friday.
Corn futures closed mostly 2¢ to 4¢ lower, despite lower estimated stocks in the World Agricultural Supply and Demand Estimates (see below) with traders apparently banking on yields higher than current USDA estimates.
Kansas City Wheat futures closed 8¢ to 10¢ lower. Soybean futures closed 4¢ to 8¢ lower.
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