Cattle futures closed higher Friday, helped along by the weekly decline in Corn futures and the hint of higher cash prices.
Live Cattle futures an average of $1.40 higher (92¢ higher at the back to $2.40 higher in spot Aug).
Feeder Cattle futures closed an average of $1.91 higher.
Negotiated cash fed cattle demand and trade were moderate in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, live FOB prices were $2-$3 higher at $188/cwt. Dressed delivered prices the previous week were $294-$295.
Elsewhere, trade ranged from mostly inactive on very light demand to limited on light demand.
Although too few to trend, there were a few live delivered sales in Kansas at $184.00-$185.50 and a few live FOB sales in Nebraska at $188.
The previous week, live FOB prices were $178-$179/cwt. in the Southern Plains and $186 in Nebraska, where dressed delivered prices were $292-$295.
Choice boxed beef cutout value was 22¢ lower Friday afternoon at $301.79/cwt. Select was $1.83 lower at $276.48/cwt.
Corn and Soybean futures firmed on Friday but continued to be capped by the favorable weather outlook.
Corn futures closed mostly 2¢ to 3¢ higher.
Soybean futures closed mostly 5¢ to 10¢ higher.
KC HRW Wheat closed mostly 9¢ to 12¢ lower.