Negotiated cash fed cattle trade was active on very good demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $7-$8 higher in the Southern Plains at $210/cwt. and $6-$9 higher in the North at $212-$215. Dressed delivered prices were $10 higher at $335.

Cattle futures closed lower Friday after early strength on likely week-end profit taking and positioning.

Live Cattle futures closed an average of $2.58 lower. Feeder Cattle futures were an average of $4.20 lower ($1.87 lower at the front to $5.05 lower at the back).

Cattle futures should find some early-week support tied to the friendly Cattle on Feed report (see below).

Choice boxed beef cutout value was $2.15 lower Friday afternoon at $325.91/cwt. Select was 28¢ higher at $309.64.

Week to week on Friday, Choice was $7.64 higher and Select was $3.32 higher. Choice was up $11 over the past two weeks.

Estimated total cattle slaughter last week of 560,000 head was 24,000 head less than the prior week and 33,000 head less than the same week last year. Estimated year-to-date total cattle slaughter of 6.7 million head was 452,000 head less (-6.3%). Estimated year-to-date beef production of 5.8 billion pounds was 143.3 million pounds less (-2.4%).

Turning to the grain complex, futures were mixed again Friday.

Corn futures closed mostly 2¢ lower. Kansas City Wheat futures closed mostly 2¢ higher. Soybean futures closed 2¢ to 3¢ lower.