The five-area cash price ended the week at $120.69/cwt on a live basis, a slight drop from last Friday’s $121.37. The five-area dressed price ended the week at 186.05. In Texas, live cattle traded at $119/cwt on Thursday while Kansas and Nebraska live cattle trade was too light to call.
In Oklahoma City, feeder steers were $1-$4/cwt higher, while heifers sold $1-$3/cwt higher. Demand was strong for all weights despite the very warm temperatures this week. In Mississippi auction markets, feeder steers and heifers were trading $2-$5/cwt higher. Slaughter cows were $1-$2/cwt higher, while bulls were mostly steady.
Live cattle futures finished higher on the week. Prices climbed most of the week Wednesday with a bullish demand outlook and tight supplies expected in the second half of the year. August live cattle closed down 70 cents on what appears to be an end of the month selloff. Lower beef prices combined with higher pork and poultry prices is expected to stimulate beef demand while the stock market also appears to have stabilized after last week’s shakeup.
July corn futures finished the week 18 cents higher at $6.79. New crop corn futures finished the day sharply lower on Friday in response to a much higher than expected acreage report. The USDA estimated planted corn acres at 97.4 million acres compared to an expected 95.3 million acres.
Wholesale boxed beef prices were mixed this week, hitting a low on Wednesday before recovering slightly toward the end of the week. Choice carcasses finished the week $2.19/cwt lower than last week with an average price of $197.64/cwt. Select finished at $186.76/cwt, up $1.72. The difference between Choice and Select has decreased by $3.91/cwt to a spread of $10.88 this week.
** Thanks to Brian Williams for composing the CMN this week in my absence **