Negotiated cash fed cattle prices lost ground. Live sales were mainly $1-$2 lower at mostly $114-$115/cwt. ($111-$113 in the western Corn Belt). Dressed trade was steady to $3 lower at $177-$180.
Those lower prices were made possible, in part by the sharp erosion in Cattle futures on Friday. Pressure for the board included faltering wholesale beef values, declining open interest and growing chatter that the top may already be in for beef prices this season.
Live Cattle futures closed an average of $1.21 lower (35¢ to $2.07 lower).
Feeder Cattle futures closed an average of $2.04 lower ($1.17 to $2.47 lower).
Wholesale beef values were weak to lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 87¢ lower Friday afternoon at $215.20/cwt. Select was 39¢ lower at $198.72.