Negotiated cash fed cattle prices surged higher on Friday. Live prices were mainly $3-$4 higher at mostly $114-$115/cwt., except for $2-$3 higher in the western Corn Belt at $112-$113. Dressed sales were $6 higher at $180.
Higher fed cattle prices, strengthening wholesale beef values and apparent position squaring helped lift Cattle futures.
Live Cattle futures closed an average of 86¢ higher (50¢ to $1.32 higher).
Feeder Cattle futures closed an average of 58¢ higher.
Wholesale beef values were firm on moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 37¢ higher Friday afternoon at $213.47/cwt. Select was 52¢ higher at $198.83.