For another week, negotiated cash fed cattle trade remained undeveloped through Friday afternoon. Though way too few to trend, there were a few dressed trades in the western Corn belt Friday at $180, which was steady to $5 higher than the last established market in the region two weeks ago.
Lack of cash direction, and perhaps some defensive positioning ahead of the Cattle on Feed report (see below) applied some pressure to Cattle futures.
Live Cattle futures closed mixed, an average of 26¢ lower across the front half of the board, except for 2¢ higher in spot Aug, and then an average of to 36¢ higher in the back four contracts.
Feeder Cattle futures closed an average of 32¢ lower (5¢ to 77¢ lower).
Wholesale beef values were steady to weak on light to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 32¢ lower Friday afternoon at $204.17/cwt. Select was 8¢ higher at $197.00.
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