Negotiated cash fed cattle trade was $1 higher in the Southern Plains on Friday at $106/cwt. Although there were too few transactions to trend, early sales were higher in Nebraska at $108 on a live basis and $175-$178 in the beef; $176 in the western Corn Belt.
Cattle futures closed sharply lower Friday beneath the weight of a variety of factors that included record-high July U.S. red meat production, the sharp month-to-month increase in frozen beef supplies and sharply lower outside markets tied to increasingly volatile trade relations between the U.S. and China.
Live Cattle futures closed an average of $1.56 lower, except for 35¢ lower in spot Aug.
Feeder Cattle futures closed an average of $2.50 lower ($1.05 to $3.17 lower).
Wholesale beef values were lower to sharply lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.76 lower Friday afternoon at $237.52/cwt. Select was $3.20 lower at $212.71.
Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly 1¢ lower.
Soybean futures closed mostly 9¢ to 12¢ lower through Jul ’20 and then mostly 2¢ to 8¢ lower.