Negotiated cash fed cattle prices were mainly $1 higher last week, with live prices in the Southern Plains at $119/cwt. and at $118-119 in the western Corn Belt. Dressed prices were $1 higher at $188.
Cattle futures closed higher Friday, supported by stronger cash trade and higher outside markets.
Other than 17¢ lower in the back contract, Live Cattle futures closed an average of 28¢ higher.
Feeder Cattle futures closed an average of 65¢ higher.
Wholesale beef values were lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.04 lower Friday afternoon at $224.56/cwt. Select was 82¢ lower at $207.30.
Corn futures closed mostly unchanged to fractionally lower.
Soybean futures closed 2¢ to 5¢ higher through Sep ’21 and then fractionally higher.
Over the weekend, various reports suggested China will reduce or waive import tariffs on some agricultural products imported from the U.S., including some shipments of pork and soybeans. If that’s true, then both markets could see some bounce to start the week. On the other hand, with additional U.S. tariffs scheduled to be imposed on Chinese imports Dec. 15, the move may create more uncertainty.