Cattle feeders and packers continued their standoff through late Friday afternoon, with negotiated cash fed cattle trade undeveloped, according to USDA reports. However, according to AMS, there was a smattering of dressed sales in the Northern Plains at $197/cwt., which was $2 more than the previous week.
Adverse pen conditions and another winter storm over the weekend point to continued erosion in feedlot performance and more price leverage for cattle feeders.
Cattle futures closed near steady Friday, maintaining week-to-week gains as traders waited cash direction.
Except for 17¢ lower in June, Live Cattle futures closed an average of 15¢ higher.
Except for 7¢ and 12¢ higher in April and May, Feeder Cattle futures closed an average of 33¢ lower.
Corn futures closed mostly 2¢ higher.
Soybean futures closed 3¢ to 4¢ higher.
Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.50 lower Friday afternoon at $212.46/cwt. Select was $1.50 lower at $206.27.