Negotiated cash fed cattle prices ended the week generally steady to $1 higher on a live basis and $2 higher in the beef, according to the Agricultural Marketing Service.
Live prices were at $111/cwt. in the Southern Plains, $110-$111 in Nebraska and $109-$110 in the western Corn Belt. Dressed trade was at $174.
Cattle futures mostly drifted lower on Friday, amid extremely light holiday trade.
Live Cattle futures closed an average of 47¢ lower (32¢ to 92¢ lower).
Feeder Cattle futures closed an average of 24¢ lower except for an average of 26¢ higher in two contracts.
Choice boxed beef cutout value was $2.21 lower Friday afternoon at $242.85/cwt. Select was 22¢ lower at $220.68.
Corn futures closed mostly 3¢ to 5¢ higher.
Soybean futures closed mostly 6¢ to 7¢ higher.
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Major U.S. financial indices closed higher Friday, buoyed by the week’s mostly positive news surrounding apparent progress with COVID-19 vaccines.
The Dow Jones Industrial Average closed 37 points higher. The S&P 500 closed 8 points higher. The NASDAQ was up 111 points.
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Total pounds of beef in freezers were up 8% from the previous month and up 7% from the previous year, as of Oct. 31, according to USDA’s latest monthly Cold Storage report.
Frozen pork supplies were down 4% from the previous month and down 27% from last year.
Total red meat supplies in freezers were up 1% from the previous month but down 12% from last year.
Total frozen poultry supplies were 7% less than the previous month and down 4% from a year earlier.