Cattle futures closed higher Friday and for the week, helped by holding recent gains in cash fed cattle prices and higher wholesale beef values on the day. The monthly Cattle on Feed report (see below) should help optimism.

Live Cattle futures closed an average of $1.83 higher. Feeder Cattle futures closed an average of $4.39 higher.

Week to week on Friday, Live Cattle futures closed an average $1.03 higher and Feeder Cattle futures closed an average of $4.20 higher.

Negotiated cash fed cattle trade ranged from light on moderate demand in the western Corn Belt to limited on moderate demand in Nebraska through Friday afternoon, according to the Agricultural Marketing Service. For the week, FOB live prices were unevenly steady in both regions at $228/cwt. Dressed delivered prices were $356-$358, which was $3-$6 higher in the western Corn Belt and mainly $3 higher in Nebraska.

Trade was inactive on moderate demand in Kansas. FOB live prices there last week were $230/cwt.

Choice boxed beef cutout value was $4.35 higher Friday afternoon at $361.63/cwt. Select was $2.05 higher at $346.02. Week to week on Friday, Choice was $4.19 higher and Select was $1.80 higher.

Estimated total cattle slaughter last week of 587,000 head was 9,000 head fewer than the previous week and 29,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 28.5 million head was 2.1 million head fewer (-6.9%) than the same time last year. Estimated year-to-date beef production of 24.9 billion pounds was 1.1 billion pounds less (-4.1%) than the same period a year ago.

Grain and soybean futures closed lower Friday.

Corn futures closed fractionally lower. KC HRW Wheat futures closed fractionally lower to 1¢ lower. Soybean futures closed mostly 3¢ lower through May ‘28.