Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service.
Live prices in the western Corn Belt were $183-$186/cwt., which was $1-$2 higher than the previous week when dressed prices were $290.
Although too few to trend, there were a few live sales in Nebraska at $186 and a few in the beef at $291. Prices the previous week were $183.00-$186.50 and $290, respectively.
Trade in the Southern Plains remained inactive on very light demand. Prices the previous week were $178.
Live Cattle futures closed higher Friday, buoyed by stronger cash prices in the North, dragging Feeder Cattle along.
Live Cattle futures closed an average of $2.02 higher ($1.15 at the back to $3.27 higher in spot Aug).
Feeder Cattle futures closed an average of $1.97 higher.
Choice boxed beef cutout value was 97¢ lower Friday afternoon at 305.94/cwt. Select was $3.57 lower at $276.61.
Estimated total cattle slaughter last week was 633,000, which was 94,000 head more than the previous holiday-shortened week. Estimated year-to-date total cattle slaughter was 17.5 million head, which was 662,000 head fewer (-3.6%). Estimated year-to-date beef production of 15 billion pounds was 709.6 million pounds less (-4.7%).
Turning to the grain complex, Grain and Soybean futures closed higher Friday, supported by the lower U.S. dollar and the looming deadline to extend the Black Sea Grain initiative.
Corn futures closed mostly 7¢ to 13¢ higher.
Soybean futures closed mostly 4¢ to 9¢ higher.
KC HRW Wheat closed mostly 22¢ to 23¢ higher.