Cattle futures softened again Friday amid sharply lower outside markets, rising interest rates and perhaps some prescient defensiveness ahead of the monthly Cattle on Feed report.
Feeder Cattle futures closed an average of 61¢ lower, except for an average of 28¢ higher in two contracts.
Live Cattle futures closed an average of 89¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light to moderate demand through Friday afternoon, according to the Agricultural Marketing Service.
Based on the last established trends, live prices for the week were $1 higher in the Southern Plains at $143/cwt., steady to $4 higher in the western Corn Belt at $148 and $1 higher in Nebraska at $144. Dressed prices were $2-$8 higher in the western Corn Belt at $228-$234 and $2-$5 higher in Nebraska at $228-$232.
Choice Boxed beef cutout value was 23¢ higher Friday afternoon at $248.63/cwt. Select was $2.80 lower at $219.31/cwt.
Corn and Soybean futures softened Friday with outside market concerns, including the impact the climbing U.S. dollar will have on exports.
Corn futures closed 10¢ to 13¢ lower.
Soybean futures closed 28¢ to 31¢ lower through Aug ‘23 and then 20¢ to 25¢ lower.