Cattle futures closed higher Friday, helped along by lower Corn futures and the notion that boxed beef cutout values might be on the cusp of carving out a seasonal low.
Feeder Cattle futures closed an average of 79¢ higher.
Live Cattle futures closed an average of $1.01 higher.
Negotiated cash fed cattle trade ranged from limited on light to demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. $1 lower in Nebraska at $183 and steady to $1 lower in the western Corn Belt at $183-$184. Dressed delivered prices were steady to $2 lower at $288-$290 in Nebraska and steady in the western Corn belt at $290.
Choice boxed beef cutout value was $4.25 higher Friday afternoon at $302.01/cwt. Select was $1.01 higher at $275.78/cwt.
Estimated total cattle slaughter last week of 628,000 head was 16,000 head more than the previous week but 41,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 24.9 million head was 1.2 million head less (-4.5%) than the same period last year. Estimated year-to-date beef production of 20.4 billion pounds was 1.1 billion pounds less (5.2%).
As for row crop futures, they closed lower Friday on likely week-end profit taking.
Corn futures closed 5¢ lower through Jly ‘24 and then fractionally lower to 3¢ lower.
KC HRW Wheat closed 12¢ to 16¢ lower through May ‘25 and then 9¢ lower.
Soybean futures closed 11¢ to 14¢ lower through May ‘24 and then mostly 5¢ to 9¢ lower.