Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $5 higher in the Southern Plains at $175/cwt., $8-$9 higher in Nebraska at $182-$186 and $6-$7 higher in the western Corn Belt at $180-$184. Dressed prices were $5-$10 higher at $290.
Choice boxed beef cutout value was $2.20 higher Friday afternoon at $302.62/cwt. Select was 49¢ higher at $283.87/cwt. Week to week on Friday, Choice was $11.64 higher and Select was $8.09 higher.
Estimated total cattle slaughter last week of 613,000 head was 10,000 head more than the previous week but 25,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 9.4 million head was 284,000 head fewer (-2.9%) than the same period a year earlier. Estimated year-to-date beef production of 7.7 billion pounds was 373.2 million pounds less (-4.6%).
Cattle futures finished mostly lower on Friday, weighed down by surging Corn futures.
Feeder Cattle futures closed an average of 88¢ lower (42¢ to $1.12 lower), except for 72¢ and 10¢ higher in the front two contracts.
Live Cattle futures closed an average of 43¢ lower, except for 12¢ higher in away Jun.
Week to week on Thursday, though, Feeder Cattle futures closed an average of $3.52 higher and Live Cattle futures closed an average of $1.41 higher.
Corn futures closed mostly 5¢ to 6¢ higher as traders appeared to apply some weather risk premium.
KC HRW Wheat closed mostly 29¢ to 33¢ higher powered by lingering drought, as well as resurgent rhetoric from Russia that it will withdraw from the Black Sea Initiative if the West fails to meet specific conditions.
Soybean futures closed mostly 10¢ to 12¢ lower, pressured by bullish Brazilian production expectations.
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