Negotiated cash fed cattle trade ranged from slow to moderate on moderate demand in the Southern Plains and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand.
For the week, in a light test, live prices were $1 lower at $156/cwt. in the Southern Plains and Nebraska, and at $157-$159 in the western Corn Belt. Dressed prices in Nebraska were generally steady at $252; they were $252 in the western Corn Belt a week earlier.
Choice boxed beef cutout value was 87¢ lower Friday afternoon at $276.62/cwt. Select was 12¢ lower at $256.89/cwt.
Live cattle futures firmed Friday despite lower cash fed cattle prices and the seasonal turn lower in wholesale beef prices.
Live Cattle futures closed an average of 31¢ higher, except for 7¢ lower in near Apr.
However, higher Corn futures pressured Feeder Cattle futures an average of 86¢ lower (2¢ to $1.40 lower).
Corn and Soybean futures continued to gain Friday on the bullish WASDE.
Corn futures closed mostly 1¢ to 4¢ higher
Soybean futures closed 3¢ to 8¢ higher through Aug ‘23 and then mostly 1¢ to 2¢ lower.