Cattle futures extended gains and edged higher Friday, buoyed by expectations of higher cash prices.
Feeder Cattle futures closed an average of 46¢ higher.
Live Cattle futures closed an average of 26¢ higher, except for 15¢ lower in the back contract.
Negotiated cash fed cattle trade was slow on light demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few dressed sales in both regions at $250/cwt., and some live sales in the western Corn Belt at $160.
Elsewhere, trade ranged from inactive on very light demand to a standstill.
The previous week, live prices were $156/cwt. in the Southern Plains, $153-$156 in Nebraska and $152-$157 in the western Corn Belt. Dressed prices were $248.
Choice boxed beef cutout value was 36¢ lower Friday afternoon at $264.74/cwt. Select was $2.05 lower at $251.61/cwt.
Corn futures closed mostly fractionally higher to 1¢ higher through Jly ‘24 and then fractionally lower to 2¢ lower.
KC HRW Wheat closed 6¢ to 8¢ lower through Jly ‘24 and then 3¢ lower.
Soybean futures closed mostly 1¢ to 2¢ lower.
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