The widely expected significant increase in October feedlot placements was confirmed in Friday’s monthly Cattle on Feed report. Although less than most expected, positioning ahead of the report provided the opportunity some had been seeking for a market correction.
Live Cattle futures closed an average of $1.52 lower
Feeder Cattle futures closed an average of $3.03 lower.
Wholesale beef values were sharply lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.29 lower Friday afternoon at $232.57/cwt. Select was $2.54 lower at $211.32.
Corn futures closed mostly fractionally lower to 1¢ lower.
Soybean futures closed 1¢ to 4¢ lower.