Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it ranged from limited to mostly inactive on light demand with too few transactions to trend.
Negotiated cash fed cattle prices for the week were mainly steady at mostly $120/cwt. on a live basis, except for $2 higher in the western Corn belt at $122. Dressed trade was steady at $190-$191.
Cattle futures gained Friday with support from softer Corn futures, continued elevated consumer demand and the likelihood improved supply fundamentals are getting closer.
Feeder Cattle futures closed an average of $2.19 higher ($1.57 higher at the back to $2.77 higher at the front).
Live Cattle futures closed an average of $1.16 higher.
Choice boxed beef cutout value was 48¢ lower at $337.77/cwt. Select was $4.89 lower at $305.51.
Estimated total cattle slaughter the week ending June 12 was 665,000 head, according to USDA. That was 127,000 more than the previous holiday-shortened week. Estimated beef production of 545.7 million lbs. was 102.7 million lbs. more.
Corn and Soybean Futures softened Friday with more near-term rain forecast for the Corn Belt and likely week-end profit taking.
Corn futures closed mostly 1¢ to 6¢ lower, except for 14¢ and 8¢ lower in the front two contracts.
Soybean futures closed 20¢ to 35¢ lower through Jan ‘22, 11¢ to 18¢ lower through the next five contracts, and then mostly 3¢ to 6¢ lower.