Cattle futures closed sharply lower Friday, with correction, pressure from lower outside markets and week-end positioning.

Live cattle futures closed an average of $3.10 lower. Feeder Cattle futures closed an average of $4.86 lower.

Week to week on Friday, Live Cattle futures closed an average of $3.28 lower. Feeder Cattle futures closed an average of $2.97 lower during the same period.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to limited on moderate demand elsewhere through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $3 higher in the Texas Panhandle at $235/cwt., mostly steady in Kansas at mainly $235, steady to $2 lower in Nebraska at $240-$242 and steady to $1 lower in the western Corn Belt at $240-$241. Dressed delivered prices were steady at $380.

Choice boxed beef cutout value was $1.16 higher Friday afternoon at $377.88. Select was 43¢ higher at $363.50. Week to week on Friday, Choice was $12.80 higher and Select was $6.77 higher.

Estimated total cattle slaughter last week of 558,000 head was 24,000 head fewer than the previous week and 57,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 13.5 million head was 893,000 head fewer (-6.2%) than the same time last year. Year-to-date beef production of 11.7 billion pounds was 354.5 million pounds less (-2.9%).

Turning to row crops, Soybean futures led the grain complex higher Friday, fueled by the EPA’s proposed Renewable Volume Obligations for biomass-based diesel in the Renewable Fuels Standard.

Soybean futures closed mostly 20¢ to 28¢ higher. Kansas City Wheat futures closed 15¢ to 18¢ higher. Corn futures closed mostly 1¢ to 2¢ higher.