As expected, slowing beef production ended up hammering fed cattle prices.
Keeping in mind it was a light test, negotiated cash fed cattle trade ended last week steady to sharply lower. Live trades were mostly steady in the Southern Plains at mainly $105/cwt. They were steady to $11 lower in the north at $94-$105 in Nebraska and at $95-$105 in the western Corn Belt. Dressed sales were steady to $18 lower at $155-$165 in Nebraska and at $150-$168 in the western Corn Belt.
Cattle feeders offered 5,778 head in the weekly Fed Cattle Exchange auction held Friday. Just six lots–898 head–sold for a weighted average price of $105/cwt. for delivery at 1-17 days. Except for one lot from Nebraska, all cattle sold came from the Southern Plains.
Even so, cattle futures closed mostly higher Friday, supported by recent stability.
Except for 85¢ and 17¢ lower in the front two contracts, Live Cattle futures closed an average of 95¢ higher (45¢ higher to $1.27 higher).
Except for 22¢ lower in Aug, Feeder Cattle futures closed an average of 68¢ higher.
Wholesale beef values continued higher to end the week.
Choice boxed beef cutout value was $3.12 higher Friday afternoon at $238.99/cwt. Select was $1.22 higher at $227.20.
Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 2¢ to 3¢ lower.