Cattle futures closed lower Friday on likely profit taking from the week’s strong gains. 

Live Cattle futures closed an average of 77¢ lower. Feeder Cattle futures closed an average of $1.06 lower.

Week to week on Friday, Live Cattle futures closed an average of $5.81 higher. Feeder Cattle futures closed an average of $10.74 higher.

Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

Based on the last established trade for the week, FOB live prices were $10 higher in the Southern Plains at $256/cwt., $11 higher in Nebraska at $257 and $9-$11 higher in the western Corn Belt at $255-$257. Dressed delivered prices were $14 higher at $400.

Choice boxed beef cutout value was 41¢ lower Friday afternoon at $389.11/cwt. Select was $1.12 lower at $387.05. Week to week on Friday, Choice was $2.11 higher, and Select was 98¢ higher.

Estimated total cattle slaughter last week of 534,000 head was 15,000 head more than the previous week but 29,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 9.2 million head was 971,000 head fewer (-9.6%) than the same time last year. Estimated year-to-date beef production of 8.2 billion pounds was 621.2 million pounds less (-7%) than a year earlier.

Grain and Soybean futures closed higher on Friday.

Kansas City HRW Wheat futures closed mostly 1¢ to 4¢ higher after the previous session’s profit taking.

Corn futures closed mostly 3¢ to 4¢ higher, supported by higher Soybean futures and likely inflationary speculation. Week to week on Friday, Corn futures closed 14’5¢ higher through the front six contracts. Those contracts gained an average of 21’3¢ over the past two weeks.           

Soybean futures closed 5¢ to 12¢ higher, boosted by Soybean oil prices and weather premium based on wet, cold conditions.