Negotiated cash fed cattle trade remained undeveloped through Friday afternoon. A few live trades were reported in the western Corn Belt at $124-$127/cwt., but too few to trend.
Cattle futures softened, especially front-month Feeder Cattle. According to various chatter, part of the pressure for Feeder Cattle was attributed to thoughts that grain prices will pop, at least in the short term, when the U.S. and China resolve trade issues.
Except for 50¢ higher in spot Feb, Live Cattle futures closed an average of 21¢ lower.
Feeder Cattle futures closed an average of $1.28 lower through the front three contracts and then an average of 64¢ lower.
Corn futures closed fractionally mixed.
Soybean futures closed 3¢ to 4¢ higher, following the steep declines in the previous session.
Wholesale beef values were firm to higher on fairly good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 78¢ higher Friday afternoon at $216.85/cwt. Select was 58¢ higher at $210.99.