The weighted average five-area direct fed steer price through Thursday was $95.97/cwt. on a live basis and $157.67 in the beef. That was $1.06 and $3.84 higher, week to week, respectively.
Speculation by some that that the low is in for cash fed cattle price, along with normalizing wholesale beef values, helped support Cattle futures to end the week. Lower Corn futures on Friday also supported Feeder Cattle.
Live Cattle futures closed an average of 76¢ higher.
Feeder Cattle futures closed an average of $1.24 higher.
Choice boxed beef cutout value was 91¢ higher Friday afternoon at $204.50/cwt. Select was 54¢ lower at $194.29.
Increased beginning corn and soybean stocks projected in the monthly World Agricultural Supply and Demand Estimates (see below) weighed on futures Friday.
Corn futures closed mostly 10¢ to 11¢ lower through Jul ’21 and then mostly 6¢ lower.
Soybean futures closed 9¢ to 12¢ lower.