Grain futures were mixed Friday, continuing to adjust to the previous day’s bullish World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 4¢ to 10¢ lower. Soybean futures closed 12¢ to 32¢ higher through Sep ‘23 and then fractionally higher to 1¢ higher, except for 63¢ higher in spot May.
Softer Corn prices helped Feeder Cattle futures regain a little lost ground Friday, closing an average of 84¢ higher (20¢ to $1.50 higher), except for 40¢ lower in the back contract.
Live Cattle futures closed an average of 39¢ lower, except for 42¢ higher in spot Jun, challenged by sluggish wholesale beef prices.
However, Choice Boxed beef cutout value was $1.75 higher Friday afternoon at $258.95/cwt. Select was 46¢ lower at $243.90. Week to week, Choice boxed beef cutout value was $4.51 higher but Select was $1.16 lower.
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive with very light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices were $140/cwt. in the Southern Plains, $144 in Nebraska and $144-$145 in the western Corn Belt. Dressed prices were $227-$230.
Estimated total cattle slaughter last week was the same as the prior week at 657,000 head. Year-to-date estimated total cattle slaughter of 12.3 million head was 71,000 head more than the previous year. Total estimated year-to-date beef production of 10.28 billion lbs. was 91.1 million lbs. more than the same time last year.
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