Despite last week’s rally in Cattle futures, negotiated cash fed cattle prices continued under pressure from available supplies and the continued bottleneck in fed cattle harvest capacity left from the Tyson fire.
Through Friday afternoon, USDA reported negotiated prices in the Texas Panhandle $1 lower at $99.
Week to week through Thursday afternoon, on lighter trade, the Five Area direct average steer price was $2.82 lower at $99.49/cwt. on a live basis.
Cattle futures closed narrowly mixed to marginally lower Friday as traders likely took some profits from the week’s strong gains.
Except for an average of 32¢ higher in the back two contracts, Live Cattle futures closed an average of 30¢ lower.
Feeder Cattle futures closed narrowly mixed, from 35¢ lower to 32¢ higher.
Wholesale beef values were steady on Select and higher on Choice, with moderate to good demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 91¢ higher Friday afternoon at $220.88/cwt. Select was unchanged at $198.60.
Corn and Soybean futures manly tread water Friday on likely week-end profit taking.
Corn futures closed mostly 1¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.
Soybean futures closed 1¢ to 3¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.