Maybe Cattle futures finally found a bottom to the recent selloff as short covering and positioning helped spur a rally late Friday.
Other than 50¢ higher in spot Jun, Live Cattle futures closed an average of $1.87 higher.
Feeder Cattle futures closed an average of $2.45 higher.
Wholesale beef values were lower on Choice and firm on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.36 lower Friday afternoon at $221.11/cwt. Select was 38¢ higher at $207.46.
Apparently, much of the bearish news in the monthly World Agricultural Supply and Demand Estimates (see below) was already priced into the market, given the muted reaction in futures markets.
Other than 1¢ to 2¢ lower in the front three contracts, Corn futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed 1¢ to 3¢ lower through May ’20 and then mostly 1¢ higher.