Negotiated cash fed cattle trade ranged from inactive on very light demand in the Texas Panhandle to moderate on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady in the Texas Panhandle at $184/cwt., unevenly steady to $1 higher in Kansas at $183-$185, steady in Nebraska at $186-187 and steady to $2 higher in the western Corn Belt at $187. Dressed delivered prices were $1 higher in Nebraska at $295-$296 and steady in the western Corn Belt at $295.

Estimated total cattle slaughter last week of 622,000 head was the same as a week earlier but 22,000 head less than the same week last year. Year-to-date estimated cattle slaughter of 11.4 million head was 527,000 head less (-4.4%) than the same time last year. Estimated year-to-date beef production of 9.6 billion pounds was 208.8 million pounds less (-2.1%) less than a year earlier.

Choice boxed beef cutout value was 82¢ lower Friday afternoon at $294.57/cwt. Select was $1.59 lower at $284.17/cwt. Week to week on Friday, Choice was 37¢ higher but Select was $3.48 lower.

Cattle futures were mixed Friday.

Live Cattle futures closed an average of 44¢ higher. Week to week on Friday, they were an average of 83¢ lower.

Feeder Cattle futures closed narrowly mixed, from an average of 11¢ lower to an average of 21¢ higher with the front months pressured by Corn futures. Feeder Cattle futures were an average of $3.19 lower week to week on Friday.

Grain and Soybean futures closed higher Friday, supported by the monthly World Agricultural Supply and Demand Estimates (see below), which were less bearish than expected.

KC HRW Wheat futures closed 12¢ to 21¢ higher.

Corn futures closed mostly 9¢ to 13¢ higher through May ’25, and then mostly 4¢ higher.

Soybean futures closed 7¢ to 10¢ higher through Sep ’24, and then mostly 3¢ to 4¢ higher.