Cattle futures extended gains Friday, supported by another day of stronger wholesale beef values and higher cash fed cattle prices.

Feeder Cattle futures were an average of 97¢ higher. Live Cattle futures were an average of 69¢ higher. Week to week on Friday, Feeder Cattle futures closed an average of $4.23 higher. Live Cattle futures closed an average of $2.96 higher ($2.12 to $3.97 higher).

Negotiated cash fed cattle trade ranged from light to moderate on moderate demand in the Southern Plains to light on light demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $1-$2 higher in the Southern Plains at $192-$193/cwt.

There were some early live FOB trades in the western Corn Belt at $196 and a few dressed delivered trades in Nebraska at $307, but too few to trend.

The previous week, FOB live prices were $195-$195.50 in Nebraska and $195-$196 in the western Corn Belt. Dressed delivered prices were $305.

Choice boxed beef cutout value was $1.99 higher Friday afternoon at $322.38/cwt. Select was $2.36 higher at $291.13. Week to week on Friday, Choice was $6.53 higher and Select was $5.22 higher.

Estimated total cattle slaughter last week of 434,000 head was 67,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 31 million head was 1.2 million head less (-3.7%) than the same time a year earlier. Year-to-date estimated beef production of 26.4 billion pounds was 169.1 million pounds less (-0.6%).

Grain and Soybean futures were mixed Friday.

Corn futures closed mixed, from fractionally higher to 1¢ higher in old-crop contracts and then fractionally lower to 1¢ lower. They were an average of 6’3¢ higher through the front six contracts week to week, supported by demand. Net weekly U.S. export sales of corn were 46% more than the previous week and 39% more than the prior four-week average.

Kansas City Wheat futures were 3¢ higher helped along by stronger recent demand. Net weekly U.S. export sales were 34% more than the previous week and 64% more than the prior four-week average.

Soybean futures closed mostly 4¢ to 8¢ lower, giving back some of the previous session’s South American weather premium and pressured by a reminder of lagging demand. Weekly net U.S. export sales were 31% less than the previous week — a marketing year low — and 47% less than the prior four-week average.