Negotiated cash fed cattle prices continued to gain last week amid aggressive cattle slaughter, resilient beef demand, and narrowing supplies.
For the week, live prices were $2 higher in the Southern Plains at $150/cwt., $1-$2 higher in Nebraska at $152-$153 and $1-$3 higher in the western Corn Belt at $151-$153. Dressed prices were $4 higher in Nebraska at $240 and $4-$8 higher in the western Corn Belt at $240.
Choice Boxed beef cutout value was 77¢ higher Friday afternoon at $263.26/cwt. Select was $2.58 higher at $234.49/cwt.
Cattle futures closed narrowly mixed to marginally lower Friday with week-end positioning and traders apparently reluctant to advance prices.
Feeder Cattle futures closed narrowly mixed from an average of 12¢ lower to an average of 11¢ higher.
Live Cattle futures closed an average of 44¢ lower (22¢ lower at the back to $1.02 lower in nearly-spent spot Oct).
Estimated total cattle slaughter last week of 668,000 head was 5,000 head less than the previous week and on par with the same week last year. Year-to-date total estimated cattle slaughter of 28.04 million head was 436,000 head more (+1.6%) than the same period last year. Year-to-date beef production of 23.13 billion lbs. was 320.9 million lbs. more (+1.4%).
Corn futures closed mostly fractionally lower to 1¢ lower.
Soybean futures closed mostly 6¢ to 9¢ higher.
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