Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand through Friday afternoon with too few transactions to trend, according to the Agricultural marketing Service.
For the week, live prices were 50¢ to $1 higher in the Southern Plains at $136/cwt., $2 higher at $140 in Nebraska and at $143-$147 in the western Corn Belt. Dressed prices were $2 higher in Nebraska at $227 and $1-$4 higher in the western Corn Belt at $225-$232.
Cattle futures edged higher Friday, supported by stronger cash prices.
Live Cattle futures closed an average of 24¢ higher.
Feeder Cattle futures closed an average of 37¢ higher, except for 12¢ lower in Mar.
Choice Boxed beef cutout value was $1.66 lower Friday afternoon at $264.62/cwt. Select was $1.68 lower at $238.67/cwt.
Corn and Soybean futures were mixed Friday amid weather speculation and biding time for next week’s USDA yield estimates.
Corn futures closed mostly 3¢ to 8¢ higher.
Soybean futures closed mostly 6¢ to 9¢ lower through Aug ‘23 and then mostly 1¢ to 2¢ lower.
Total estimated cattle slaughter last week of 651,000 head was 18,000 fewer than the previous week but 7,000 head more than the same week last year. Total year-to-date estimated cattle slaughter of 10.1 million head was 238,000 head more (+1.2%) than a year earlier. Total estimated year-to-date beef production of 16.6 billion lbs. was 168.9 million lbs. more (+1.0%) than a year earlier.
The five-area direct weighted average steer price in July was $142.16/cwt. on a live basis. That was 62¢ less than the prior month but $20.13 higher year over year. The average steer price in the beef was $228.25 for July, which was $1.51 less than the previous month but 30.63 higher than the previous year.
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