Cattle futures closed lower on Friday amid weaker cash fed cattle prices but ended mostly higher week to week.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Live prices were $173/cwt., which was $2 lower in the Texas Panhandle and steady to $2 lower in Kansas.
Elsewhere, trade ranged from mostly inactive on light demand to limited on light demand.
For the week, live prices were $2-$7 lower in Nebraska at $178 and steady to $3 lower in the western Corn Belt at $180. Dressed prices were $1-$4 lower in Nebraska at $283-$286 and $3 lower in the western Corn Belt at $285.
Choice boxed beef cutout value was 37¢ higher Friday afternoon at $311.44/cwt. Select was 75¢ lower at $288.34/cwt.
Estimated total cattle slaughter last week of 620,000 head was 2,000 head less than the prior week and 25,000 head fewer than the same week last year. Year-to-date estimated cattle slaughter of 10.6 million head was 352,000 head fewer (-3.2%) than the same time last year. Estimated year-to-date beef production of 8.75 billion pounds was 444.8 million pounds (-4.8%) less than a year earlier.
Live Cattle futures closed an average of 11¢ lower, except for 27¢ higher in near Jun and unchanged in Dec. Week to week on Friday, they closed an average of 61¢ higher, except for unchanged to 37¢ lower in three contracts. Funds extended already weighty long positions, according to the weekly CFTC Commitments of Traders report.
Feeder Cattle futures closed an average of 60¢ lower on Friday, except for 20¢ higher in the back contract. Week to week they closed an average of $1.13 higher, except for $1.42 lower in spot May.
Perhaps the main market story last week was price erosion in the grain complex as China cancelled U.S. corn purchases and managed money fled positions as the nation’s price competitiveness declines.
Corn futures closed mostly 2¢ lower in new-crop contracts on Friday. Week to week, they were an average of 22’0¢ lower through the front six contracts, except for 2’8¢ higher in spot May.
KC HRW Wheat closed 8¢ to 11¢ higher, except for 28’4¢ higher in the front month.
Soybean futures closed mostly 7¢ to 8¢ higher, except for 11¢ to 17¢ higher in the front three contracts. Week to week on Friday, they closed from an average of 24’8¢ lower through the front six contracts, except for 5’8¢ lower in spot May.
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