By way of recap, negotiated cash fed cattle trade ended the week generally $1-$2 lower on a live basis at $114-$115/cwt. in the Southern Plains and $116 in Nebraska. It was steady in the western Corn Belt at $116-$118. Dressed trade was steady to $2 lower in Nebraska at $183-$186; steady to $4 lower in the western Corn Belt at $185-$186.
Limit-down Lean Hog futures, and perhaps defensive positioning ahead of the monthly Cattle on Feed report, helped pressure Cattle futures on Friday. That report ended up more favorable than expected with fewer feedlot placements than anticipated.
Except for 37¢ higher in spot Jun, Live Cattle futures closed an average of 35¢ lower.
Except for 20¢ higher in spot Aug, Feeder Cattle futures closed an average of 45¢ lower.
Wholesale beef values were higher on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 85¢ higher Friday afternoon at $221.64/cwt. Select was $1.94 higher at $208.47.
Corn futures closed 7¢ to 14¢ higher through Jul ‘20 and then mostly 2¢ lower to 1¢ higher.
Soybean futures closed 6¢ to 8¢ higher through May ‘20 and then mostly 2¢ to 5¢ higher.