Cattle futures closed lower Friday ahead of the monthly Cattle on Feed report, which proved to be bearish (see below).

Live Cattle futures closed an average of 64¢ lower, except for an average of 56¢ higher in the front two contracts. They were an average of $1.27 lower week to week on Friday, except for $1.47 higher in spot Jun.

Feeder Cattle futures an average of $1.21 lower. They were an average of $2.81 lower week to week.

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

Although too few transactions to establish a trend, there were some dressed delivered trades in Nebraska at $310-$312/cwt. and some FOB live trades in the western Corn Belt at $197.

Based on final established trade the previous week, FOB live prices were $186/cwt. in the Southern Plains $195-$198 in Nebraska and $193-$195 in the western Corn Belt. Dressed delivered prices were $305-$306; prices as high as $310.

Choice boxed beef cutout value was 48¢ lower Friday afternoon at $322.39/cwt. Select was $1.29 lower at $303.11/cwt.

Estimated total cattle slaughter last week of 620,000 head was 5,000 head more than the previous week but 29,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 15 million head was 687,000 head fewer (-4.4%). Estimated year-to-date beef production of 12.6 billion pounds was 197.3 million pounds less (-1.5%).

Turning to row crops, Corn futures closed 3¢ to 4¢ lower. Week to week on Friday, there were an average of 16’3¢ lower through the front six contracts. KC HRW Wheat futures closed mostly 11¢ to 12¢ lower. Soybean futures closed 1¢ to 7¢ higher through May ’25 and then mostly 2¢ to 3¢ lower.