Weaker grain futures and strong country trade helped Feeder Cattle futures take another step higher Friday.
Feeder Cattle futures closed an average of $1.57 higher, while Live Cattle futures closed an average of $1.14 higher (55¢ to $2.62 higher).
Grain and Soybean futures were down again on extended fund liquidation and plummeting open interest.
Corn futures closed mostly 7¢ to 12¢ lower. Soybean futures closed 47¢ to 62¢ lower through Aug. ‘23 and then mostly 25¢ to 37¢ lower.
Negotiated cash fed cattle trade Friday ranged from mostly inactive on very light demand to a standstill with too few transactions to trend, according to the Agricultural Marketing Service.
For the week (last established) live prices were $1 lower in the Texas Panhandle at $137/cwt., steady to $1 higher in Kansas at $138, steady in Colorado at $145, steady to $3 higher in Nebraska at $145-$151 and unevenly steady ($2 lower to $3 higher) in the western Corn Belt at $148. Dressed prices were steady in Nebraska at $234 and steady to $6 lower in the western Corn Belt at $234.
The average five-area direct fed steer price was $1.60 higher on a live basis at $146.10/cwt. The average steer price in the beef was 97¢ lower at $233.94.
Choice Boxed beef cutout value was 18¢ lower Friday afternoon at $263.82/cwt. Select was 10¢ lower at $240.47.