Negotiated cash fed cattle trade finished the week generally $7-$10 lower, depending on the region, at $112 to $117/cwt. Dressed prices were $4 to $10 lower than the previous week at $180-$185.
Choice wholesale beef value softened a bit on Friday with moderate offerings and light to moderate demand, according to the Agricultural Marketing Service. Choice boxed beef cutout value was 47¢ lower Friday afternoon at $232.21/cwt. Select was 22¢ higher at $208.46.
Select and Choice rib, chuck, and round cuts traded steady to weak, while loin cuts sold firm to higher. Beef trimmings sold generally steady on moderate demand and offerings.
Cattle futures closed lower on Friday, but choppiness early suggested a plumbing for bottom rather than free-fall. Profit taking likely added pressure, overall, while surging corn prices added squeeze to Feeder Cattle.
Other than 12¢ lower in the back two contracts, Live Cattle futures closed an average of 56¢ lower.
Feeder Cattle futures closed an average of $1.17 lower (87¢ to $1.42 lower).
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