Negotiated cash fed cattle trade was yet to fully develop through Friday afternoon but was shaping up lower. Live prices in the Southern Plains were $1 lower than the previous week at $121/cwt. Although too few to trend, early live sales in Nebraska were also $1 lower at $121, while early dressed sales were $1-$2 lower at $193-$195.
The lack of firm cash direction and weaker outside markets helped cap Live Cattle futures and pressure Feeder Cattle as Lean Hogs continued to extend gains.
Except for 5¢ lower in away Feb, Live Cattle futures closed an average of 14¢ higher.
Feeder Cattle futures closed an average of 55¢ lower (7¢ to 92¢ lower).
Wholesale beef values were lower on Choice and sharply lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 81¢ lower Friday afternoon at $210.12/cwt. Select was $2.07 lower at $203.89.
Corn futures closed 3¢ to 4¢ higher through May ’21 and then mostly 1¢ higher.
Soybean futures closed unchanged to 1¢ higher through near Jly and then mostly 4¢ lower.