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Live cattle futures closed $2.00 to $2.975 lower on Friday, with most heavily traded Aug16 cattle down $1.70 on the week. Feeders were also down more than $2.00 on Friday, but Aug16 feeders posted a week to week gain of $2.03 thanks to the selloff in corn. The CME Feeder Cattle Index for 6/23 was 41 cents higher at $141.27. Cash cattle sales on Friday averaged $117.72 live, and $186.93 dressed. The average price of choice boxed beef was down $1.60 to $213.86 on Friday (-$7.97 Fri to Fri), and select boxes were 51 cents lower to $197.83 (-$1.78 Fri to Fri). USDA’s monthly Cold Storage report on Friday showed May 31 beef stocks down 6% from May 2015, and 1.4% smaller than April. Red meat stocks (beef and pork) were the tightest December. The USDA Cattle on Feed report showed June 1 numbers at 102.2% of a year ago. May placements were 109.6% and marketings were 104.9% of a year ago. All of the figures were close to trade expectations. Weekly cattle slaughter was estimated at 608,000 head, up 1,000 head from last week, and 49,000 head larger than the same week in 2015.