Softer feed futures prices, late-week firmness in cash trade and higher outside markets helped support Cattle futures Friday.
Corn futures closed 2¢ to 12¢ lower in old-crop contracts and then mostly 1¢ lower to 1¢ higher.
Soybean futures closed fractionally lower to 3¢ lower through Jan ’23 and then mostly 11¢ to 13¢ higher.
Feeder Cattle futures closed an average of $1.25 higher (45¢ higher in spot Mar to $1.57 higher).
Live Cattle futures closed an average of 66¢ higher, from 35¢ to $1.15 higher.
Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand with too few transactions to trend in any region, according to the Agricultural Marketing Service.
Live prices last week were steady in the Southern Plains and Nebraska at $138/cwt. They were steady to $2 higher in the western Corn Belt at $140. Dressed prices were $1 higher in Nebraska at $221 and steady to $3 higher in the western Corn Belt at $222.
Estimated total cattle slaughter last week of 644,000 head was the same as a week earlier but 15,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 7.1 million head is just 2,000 head fewer than the same time last year. Total estimated year-to-date beef production is 13.3 million lbs. more at 5.96 billion lbs.
The seasonal turn in wholesale beef prices was also supportive.
Choice Boxed beef cutout value was $1.11 higher Friday afternoon at $258.16/cwt. Select was 3¢ lower at $250.65.