Cattle futures were sharply lower Friday, pressured by bearish outside markets and another week of lower negotiated cash fed cattle prices. Also on Friday, the United Food and Commercial Workers Local 7, which represents workers at the JBS plant, gave notice that it was cancelling its extension agreement effective 11:59 p.m., March 15. So, workers could go on strike as soon as March 16 (see related news below).
Live Cattle futures closed an average of $4.13 lower. Feeder Cattle futures closed an average of $7.26 lower.
Week to week on Friday, Live Cattle futures closed an average of $1.33 higher (47¢ to $2.35 higher), recapturing some of the previous week’s losses. Feeder Cattle futures closed an average of $1.01 higher (20¢ higher at the front to $1.72 higher toward the back of the board).
Negotiated cash fed cattle trade ranged from active on good demand in Nebraska to moderate on good demand in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service.
FOB live prices were $240/cwt., which was generally $2 lower in Nebraska and $3 lower in the western Corn Belt. Dressed delivered prices were $380, which was $3 lower in Nebraska and $2-$3 lower in the western Corn Belt.
Trade was limited on moderate to good demand in the Southern Plains with too few transactions to trend. FOB prices the previous week were $244.
Choice boxed beef cutout value was 33¢ higher Friday afternoon at $387.22/cwt. Select was $1.66 lower at $378.95. Week to week on Friday, Choice boxed was $7.38 higher and Select was $4.64 higher.
Estimated total cattle slaughter last week of 521,000 head was 2,000 head more than the previous week but 58,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 5 million head was 555,000 head fewer (-10%) than the same time last year. Year-to-date estimated total beef production of 4.4 billion pounds was 374.9 million pounds less (-7.8%).
Grain and Soybean futures continued higher Friday, buoyed by higher energy prices and inflationary hedging by funds.
Kansas City HRW Wheat futures closed 23¢ to 31¢ higher through May ‘27. Soybean futures closed 10¢ to 21¢ higher through near Nov and then mostly 2¢ to 8¢ higher. Corn futures closed mostly 4¢ to 8¢ higher. Week to week on Friday, Corn futures closed an average of 13’4¢ higher through the front six contracts, an average of 20’6¢ higher in the last two weeks.
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