Negotiated cash fed cattle trade ended up generally $2-$3 lower on a live basis last week at $112-$113/cwt. in the Southern Plains and at $114-$115 in Nebraska and the western Corn Belt. Dressed trade was also $2-$3 lower at $183-$184.
Cattle futures, especially Feeder Cattle, closed sharply lower on Friday. Along with sharp pressure on Lean Hogs, there was likely plenty of trepidation related to the tariffs scheduled to begin on Mexican imports Monday unless negotiators reached a resolution on the illegal immigration issue. Friday night, those tariffs were suspended, according to various reports; no details given.
Live Cattle futures closed an average of $1.16 lower (67¢ to $1.50 lower).
Feeder Cattle futures closed an average of $2.35 lower.
Wholesale beef values were steady on moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 6¢ higher Friday afternoon at $222.31/cwt. Select was 24¢ lower at $206.92. Week to week, Choice was 90¢ lower and Select was down 77¢.
Corn futures closed mostly 2¢ to 4¢ lower.
Soybean futures closed mostly 9¢ to 12 ¢lower.