Cattle futures trended lower on Friday with apparent position squaring and profit taking, and without direction from the cash fed cattle market.
There were too few cash fed cattle trades to trend through Friday afternoon. According to the AMS Cattle Dashboard, 1,036 head were reported on Friday with steers selling for $121.31/cwt. on a live basis and at $193 in the beef.
Similarly, the Texas Cattle Feeders Association reported its members trading steers about $2 higher than the previous week at $122.04 and heifers about $3 higher at $123.
The previous week, live trade was at $120/cwt. in all major cattle feeding regions. Dressed trade was at $192 in Nebraska and the western Corn Belt.
Lack of cash direction helped Cattle futures drift lower on Friday, along with profit taking and position squaring.
Live Cattle futures closed an average of 41¢ lower (from 5¢ lower in spot Feb to 75¢ lower).
Except for 35¢ lower in the back contract, Feeder Cattle futures closed an average of $1.22 lower.
Choice boxed beef cutout value was 83¢ lower on Friday afternoon at $204.86/cwt. Select 71¢ lower at $200.16.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More