Negotiated cash fed cattle trade was mostly inactive with light demand in all feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
Live prices last week were $1 higher in the Southern Plains at $122/cwt., $1-$2 higher in Nebraska at $125-$127 and $1-$2 higher in the western Corn Belt at $127. Dressed trade was mostly $2 higher in Nebraska at $200; $2 higher to $4 lower in the western Corn Belt at $200.
The down day in grain futures Friday sparked Feeder Cattle futures, as did likely positioning ahead of what turned out to be a positive Cattle on Feed report (see below).
Feeder Cattle futures closed an average of $1.47 higher (75¢ to $2.60 higher). Week to week on Friday, they were an average of $1.17 higher.
Live Cattle futures closed an average of 53¢ higher, except for unchanged and 5¢ lower toward the back. Strength in wholesale beef values and slightly higher cash fed cattle prices provided support.
Choice boxed beef cutout value was $3.43 higher Friday afternoon at $345.06/cwt. Select was $2.12 higher at $318.53.
Corn futures closed down an average of 13¢ lower through the front six contracts, then mostly 5¢ to 9¢ lower.
Soybean futures closed an average of 27¢ lower through the front six contracts, then mostly 9¢ to 18¢ lower.