Cattle futures rallied higher Friday helped along by recently stronger wholesale beef values.
Live Cattle futures closed average of $1.11 higher (65¢ to $1.95 higher).
Feeder Cattle futures closed an average of $1.67 higher (50¢ higher at the back to $3.32 higher at the front).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $2 lower in the Southern Plains at $180/cwt., steady to $2.50 lower in Nebraska at $180 and steady in the western Corn Belt at $180-$182. Dressed delivered prices were unevenly steady in Nebraska at mostly $287 and steady in the western Corn Belt at $285.
Choice boxed beef cutout value was 90¢ higher Friday afternoon at $296.20/cwt. Select was $1.33 lower at $286.66/cwt.
Total estimated cattle slaughter last week of 608,000 head was 14,000 head fewer than the previous week and 17,000 head fewer than the same week last year. Total year-to-date estimated cattle slaughter of 4.2. million head was 246,000 head fewer (-5.6%). Year-to-date estimated beef production of 3.5 billion pounds was 153.5 million pounds less (-4.2%).
Corn futures closed mostly 1¢ to 2¢ higher.
KC HRW Wheat futures closed 8¢ to 11¢ lower.
Soybean futures closed mostly 5¢ to 10¢ higher.
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