Cattle futures extended gains in the holiday-shortened trading session on Friday, supported by stronger cash fed cattle prices at the end of the week and more confidence in the ability of other Nebraska packers to pick up the slack from the plant closure in Lexington (see below). Apparently, some traders also were heartened by the U.S. Agriculture Secretary’s comments earlier in the week suggesting the southern border will reopen on a staggered basis to Mexican cattle imports when it does reopen.

Live Cattle futures closed an average of $5.15 higher. Feeder Cattle futures closed an average of $8.59 higher.

Negotiated cash fed cattle trade was moderate on moderate to good demand in the Texas Panhandle through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $220/cwt., which was $5 higher than earlier in the week but $4 lower than a week earlier.

Trade in Kansas was moderate on good demand. FOB live prices were mostly $2-$4 lower at mainly $220.

In the western Corn Belt, trade was limited on moderate demand. Although too few to trend, there were some FOB live sales at $215. For the week, FOB live prices were $7-$8 lower at $208-$210. Dressed delivered prices were $12-$17 lower at $328-$330.

Trade in Nebraska was inactive on light to moderate demand. For the week, FOB live prices were mostly $8 lower at mainly $210. Dressed delivered prices were $10-$15 lower at $330.

Choice boxed beef cutout value was $1.46 lower Friday afternoon at $366.82/cwt. Select was $4.46 lower at $351.05.

Estimated total cattle slaughter last week of 501,000 head was 84,000 head fewer than the previous week and 32,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 26.7 million head was 2 million head fewer (-7.1%) than the same time last year. Year-to-date estimated beef production of 23.3 billion pounds was 1.1 billion pounds less (-4.4%).

Corn and Soybean futures continued higher Friday, supported by positive demand, including Chinese soybean purchases.

Corn futures closed 2¢ to 3¢ higher. Soybean futures closed 4¢ to 8¢ higher through May ‘27. KC HRW Wheat futures closed mostly fractionally lower to 2¢ lower.