Negotiated cash fed cattle prices last week ended up $2-$4 lower on a live basis at $108-$110/cwt. in the Southern Plains, mostly $110 in Nebraska and at $113-$114 in the western Corn Belt. Dressed trade was $3-$4 lower in Nebraska at $180-$183 and $6 lower in the western Corn Belt at $178-$180.
Limit-down moves in Lean Hog futures, lower cash fed cattle prices, the outlook for higher feed prices and perhaps some positioning ahead of the monthly Cattle on Feed report (see below) contributed to further erosion in Cattle futures on Friday.
Live Cattle futures closed an average of 88¢ lower (40¢ to $1.72 lower).
Feeder Cattle futures closed an average of $1.22 lower.
Grain futures ended the week lower on apparent profit taking.
Corn futures closed 6¢ to 7¢ lower through Jul ‘20 and then fractionally higher to 1¢ higher.
Soybean futures closed mostly 10¢ to 13¢ lower.
Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 90¢ lower Friday afternoon at $219.82/cwt. Select was $1.93 lower at $199.55.