Negotiated cash fed cattle trade was slow on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $2 higher in the Southern Plains at $185/cwt., $1.50-$2.00 higher in Nebraska at $185-$186 and $2 higher in the western Corn Belt at $185-$186. Dressed delivered prices were $2-$8 higher in Nebraska at $292-$300 and $2 higher in the western Corn Belt at $292.

Estimated total cattle slaughter last week of 583,000 head was 16,000 head fewer than the previous week and 48,000 head fewer than the same week last year. Year-to-date estimated cattle slaughter of 5.9 million head was 349,000 head fewer (-5.5%) than the same time last year. Year-to-date estimated beef production of 4.9 billion pounds was 231.3 million pounds less (-4.5%).

Choice boxed beef cutout value was 43¢ higher Friday afternoon at $307.04/cwt. Select was $1.17 higher at $297.43/cwt.

Cattle futures closed lower Friday despite the week’s higher cash trade and the supportive outlook in the monthly World Agricultural Supply and Demand Estimates (see below).

Live Cattle futures closed an average of 83¢ lower.

Feeder Cattle futures closed an average of $1.33 lower (62¢ to $2.20 lower).

Grain and Soybean futures closed higher with likely short covering despite neutral to bearish World Agricultural Supply and Demand Estimates.

Corn futures closed 2¢ to 3¢ higher.

KC HRW Wheat futures closed 10¢ to 14¢ higher.

Soybean futures closed 16¢ to 19¢ higher.