Cattle futures sagged on Friday. Pressure included higher Corn and Soybean futures, sharply lower boxed beef prices and static cash prices. Still, it was hard to square the degree of decline with fundamentals.
Feeder Cattle futures closed an average of $2.13 lower ($1.32 lower at the back to $3.12 lower toward the front).
Live Cattle futures closed an average of $1.00 lower (52¢ lower at the back to $1.77 lower toward the front).
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, live prices were steady in the Southern Plains at $150, steady to $3 lower in Nebraska at $150-$153 and steady to $2 higher in the western Corn Belt at $153-$155. Dressed prices were steady to $2 higher at $242.
Estimated total cattle slaughter last week of 671,000 head was 4,000 head more than the previous week and 12,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 29.38 million head was 464,000 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 24.25 billon lbs. was 350 million lbs. more (+1.5%).
Choice Boxed beef cutout value was $4.33 lower Friday afternoon at $258.94/cwt. Select was $1.56 lower at $235.27/cwt.
Grain and Soybean futures rebounded Friday, helped along by the significant decline in the U.S. dollar in the latter part of the week, making U.S. exports more competitive.
Corn futures closed mostly 2¢ to 3¢ higher through Jly ‘24, and then mostly fractionally higher.
Soybean futures closed mostly 18¢ to 25¢ higher.
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