Cattle futures closed lower Friday after early support, likely pressured by softer cash fed cattle prices, weaker Choice wholesale beef values and perhaps some positioning ahead of the monthly Cattle on Feed report (see below).

Live cattle futures were an average of $1.38 lower. Feeder Cattle futures were an average of $1.51 lower. Week to week on Friday, Live Cattle futures closed an average of $2.00 lower and Feeder Cattle futures closed an average of $3.91 lower.

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

Although too few to trend, there were some early FOB live trades in the Texas Panhandle at $228/cwt. Prices in the Southern Plains the previous week were $235.

For the week, FOB live prices were $4-$6 lower in Nebraska at $236/cwt. and $3-$4 lower in the western Corn Belt at $236-$238. Dressed delivered prices were $4 lower at $376.

Choice boxed beef cutout value was $4.92 lower Friday afternoon at $390.50. Select was $2.36 higher at $376.95.

Estimated total cattle slaughter last week of 554,000 head was 4,000 head fewer than the previous week and 62,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 14 million head was 955,000 fewer (-6.4%) than the same time last year. Year-to-date estimated beef production of 12.2 billion pounds was 398.2 million pounds less (-3.2%).

Turning to grains, futures were lower Friday with likely profit taking and favorable precipitation and weather.

Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were mostly 5¢ to 8¢ lower. Soybean futures were mostly 4¢ to 7¢ lower.