Negotiated cash fed cattle trade was $1-$2 lower last week at $108/cwt. (western Corn Belt) to $109.50. Dressed trade was steady to $2 lower at $171-$174.
Softer cash fed cattle prices, the lack of open interest and anxiety about Friday’s monthly Cattle on Feed report (see below) pressured Cattle futures sharply lower to end the week.
Except for 57¢ and 7¢ lower in the back two contracts, Live Cattle futures closed an average of $1.51 lower.
Except for 17¢ higher in soon-spent spot Aug and 95¢ lower in the back contract, Feeder Cattle futures closed an average of $1.71 lower.
Wholesale beef values were lower on Choice and steady on Select with moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.05 lower Thursday afternoon at $213.32/cwt. Select was 17¢ lower at $203.82.
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