Feedlots and packers continued their standoff on negotiated cash fed cattle trade, which remained largely undeveloped through Friday afternoon. Trade ranged from slow on light demand to a standstill, according to the Agricultural Marketing Service. There were a few FOB live sales in the western Corn Belt at $185-$186/cwt., but too few to trend.
Last week, live prices (FOB) were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.
Choice boxed beef cutout value was 86¢ lower Friday afternoon at $302.00/cwt. Select was $2.22 lower at $277.54/cwt.
Further erosion in Corn futures helped Feeder Cattle futures close an average of 77¢ higher Friday.
Live Cattle futures closed narrowly mixed, from an average of 10¢ lower in the back three contracts to an average of 15¢ higher.
Corn futures continued to decline Friday, pressured by more favorable weather in the Corn Belt and less risk premium tied to Ukrainian grain shipments. They closed 11¢ to 12¢ lower through Jly ‘24 and then mostly 6¢ to 9¢ lower.
KC HRW Wheat closed 4¢ to 10¢ lower through Sep ‘24 and then mostly 2¢ lower.
Soybean futures closed mostly 8¢ to 15¢ lower through Jan ‘25 and then mostly 2¢ lower