Cattle futures continued to soften Friday, perhaps with some follow-through profit taking and with surging Corn futures and sharply lower outside markets.
Feeder Cattle futures closed an average 60¢ lower.
Live Cattle futures closed mixed from an average of 49¢ lower to an average of 35¢ higher.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service.
For the week, live prices were steady to $1 higher in the Southern Plains at $140/cwt., steady to $2 higher in Nebraska at $140 and $1-$2 higher in the western Corn Belt at $141-$142. Dressed trade was $2-$4 higher at $224.
Choice Boxed beef cutout value was 37¢ lower Friday afternoon at $274.52/cwt. Select was $1.12 lower at $267.83.
Total estimated cattle slaughter last week of 659,000 head was 20,000 head more than the previous week and 53,000 head more than the previous year. Year-to-date estimated total cattle slaughter of 3.83 million head is 120,000 head fewer (-3.0%) than the same period last year.
Corn futures closed 9¢ to 10¢ higher through Jly ‘23 and then most 4¢ higher.
Soybean futures closed mostly 9¢ to 11¢ higher.