Corn and soybean futures climbed again Friday with confirmation of ending stock expectations in the World Agricultural Supply and Demand Estimates (see below).
Corn futures closed mostly 5¢ to 11¢ higher.
Soybean futures closed 35¢ to 43¢ higher in the front three contracts and then 18¢ to 29¢ higher.
Cattle futures traded in a narrow range, capped by grain market strength and signs of weakening beef prices.
Feeder Cattle futures closed narrowly mixed Friday, from an average of 34¢ lower to an average of 9¢ higher. Week to week on Friday, they closed an average of $2.97 lower ($1.25 to $6.75 lower), with most of the pressure in nearby contracts.
Live Cattle futures closed narrowly mixed, from an average of 16¢ lower to an average of 24¢ higher. Week to week on Friday, they closed an average of 83¢ lower, except for an average of 50 higher in three contracts.
Negotiated cash fed cattle trade ranged from inactive on light demand to a standstill in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.
Live prices last week were steady to $1 lower in the Southern Plains at $137-$138/cwt., steady in Nebraska at $138-$140 and generally $1-$3 lower in the western Corn Belt at $140. Dressed prices were steady at $222.
Estimated total cattle slaughter last week of 676,000 head was 37,000 head more than the previous week and 3,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 9.1 million head is 61,000 more than the same time last year. Estimated total year-to-date beef production of 7.6 billion lbs. is 72.9 million lbs. more than the same time last year.
Choice Boxed beef cutout value was 93¢ lower Friday afternoon at $270.47/cwt. Select was 89¢ lower at $260.33.
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