Cattle futures eroded further Friday, as cash prices continued to decline.
Live Cattle futures closed an average of 92¢ lower and Feeder Cattle futures closed an average of $2.05 lower.
Week to week on Friday, Live Cattle futures closed an average of $8.35 lower. They were an average of $16.38 lower over the last two weeks. Feeder Cattle futures were an average of $11.65 lower week to week on Friday and an average of $25.97 lower over the last two weeks.
Negotiated cash fed cattle trade ranged from limited on light demand in the South Central region to light on light demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Prices eroded as the week progressed.
Across the week, FOB live prices were $7 lower in the South Central region at $218/cwt., $7-$10 lower in Nebraska at mainly $214-$217 and $6-$14 lower in the western Corn Belt at $210-$218. Dressed delivered prices were $12-$22 lower in Nebraska at $330-$340 and $8-$25 lower in the western Corn Belt at mostly $340.
Choice boxed beef cutout value was 77¢ lower Friday afternoon at $360.79/cwt. Select was $1.24 higher at $353.56. Week to week on Friday, Choice boxed beef cutout value was $3.87 lower but Select was $1.58 higher.
Estimated total cattle slaughter last week of 534,000 head was 9,000 head fewer than the previous week and 35,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 23.3 million head was 1.8 million head fewer (-7.1%) than the same time last year. Estimated year-to-date beef production of 20.8 billion pounds was 1.1 billion pounds less (-4.9%).
Short covering and position squaring ahead of next week’s World Agricultural Supply and Demand Estimates helped Corn and Soybeans futures firm and gain on Friday.
Corn futures were mostly fractionally higher to 1¢ higher. Soybean futures were 1¢ to 8¢ higher through Jly ’27 and then mostly 3¢ to 4¢ lower.
Kansas City HRW Wheat futures were 2¢ to 3¢ lower through Mar ’28 due in part to declining in war premium.
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Major U.S. financial indices closed mixed Friday, helped along by a more positive employment outlook than expected.
Total nonfarm payroll employment rose by 165,000 in October, and the unemployment rate was little changed at 4.1%, according to the U.S. Bureau of Labor Statistics.
In October, average hourly earnings for all employees on private nonfarm payrolls increased by 14¢ to $38.00. Over the past 12 months, average hourly earnings have increased by 3.1%.
The Dow Jones Industrial Average closed 237 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 264 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 31¢ to $1.24 higher through the front six contracts.
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Although short cattle numbers support higher prices, Glynn Tonsor, agricultural economist at Kansas State University emphasizes consumer beef demand is at the core of producer viability and the ultimate size of the U.S. beef cattle industry.
Tonsor points out the retail All-Fresh beef demand Index set a record in 2025. Based on analysis by colleague Brian Coffey, and others, for each 1% increase in retail beef demand, fed cattle prices increase by 1.5% and feeder cattle prices by 2.5%.
“This improvement in consumer demand did not happen by accident, freely or easily,” Tonsor explains in the Nov. 2 issue of In the Cattle Markets from the Livestock Marketing Information Center. “Over recent decades, the industry moved away from pricing cattle on the average and toward grid and other value-based marketing that differentially pays premiums for carcasses based on what consumers value. Allowing prices to serve as signals rewarded genetics, management and feeding decisions that improved the product many enjoy today.”
Tonsor notes the share of fed cattle grading Choice or Prime increased from 65% to 84% between 2010 and 2025 with the share of Prime tripling to 12%.
“Better and more consistent eating experiences encourage repeat consumer purchases and support higher willingness-to-pay. Market signals led to industry change, a better product, stronger demand and better prices,” Tonsor says. He adds that market-signal adjustments continue and are further refined and motivated by today’s elevated prices.
In other words, none of this evolution or that to come occurs in a vacuum.
“The key point here is that nothing happens in isolation, as inner-industry workings are
both complex and reflect price-signaled adjustments, when allowed,” Tonsor explains. “The historical improvement in consumer beef demand, value-based price signals from seedstock to plate and fed cattle marketings are clearly linked.”