WLI

Negotiated cash fed cattle trade ranged from slow on light demand in the North to a standstill in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. There were some dressed delivered sales in Nebraska at $290/cwt., which was steady with last week.

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was 40¢ higher Thursday afternoon at $306.79/cwt. Select was $1.93 higher at $272.92.

Toward the close, Feeder Cattle futures were an average of 80¢ higher with continued support from improved winter grazing prospects. Live Cattle futures were an average of 23¢ lower with likely pressure from positioning ahead of Friday’s monthly Cattle on Feed report.

Grain and Soybean futures were lower Thursday with pressure including the higher U.S. dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 6¢ to 7¢ lower. Soybean futures were 9¢ to 12¢ lower.

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Major U.S. financial indices closed higher Thursday.

The Dow Jones Industrial Average closed 461 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 6 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 96¢ to $1.38 higher through the front six contracts.

Cattle futures continued higher Tuesday, helped along by this week’s firmer Choice wholesale beef values.

Toward the close, Live Cattle futures were an average of $1.50 higher. Feeder Cattle futures were an average of $2.43 higher.

Negotiated cash fed cattle trade was mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290 in Nebraska and $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was $1.51 higher Tuesday afternoon at $308.79/cwt. Select was $3.54 lower at $271.91.

Grain and Soybean futures closed higher Friday as traders appeared to apply more risk premium based on Russia’s war with Ukraine.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were 2¢ higher. Soybean futures were 7¢ to 11¢ lower.  

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Major U.S. financial indices closed mixed again Tuesday with tech stocks leading gains once again.

The Dow Jones Industrial Average closed 120 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 195 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME was marginally higher through the front six contracts.

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Analysts with the Livestock Marketing Information Center (LMIC) provide regional price perspective for steers weighing 700-800 lbs., in the latest Livestock Monitor.

“The Billings, MT weekly auction data reported last week’s feeder steer price at $264/cwt., which is slightly better than where prices were a few months ago. Prices have been ranging from about $250 to $280 since the start of the year,” LMIC analysts say.

In South Dakota, they explain last week’s feeder steer price was $265/cwt. with prices ranging from about $250 to $280 since July.

“Feeder cattle prices in Nebraska peaked at $295 in mid-July; since then prices have been ranging from $260 to $274, and last week were $267,” according to LMIC analysts.

In the Kansas and Oklahoma, they explain feeder steer prices ranged from about $246 to $270 since March, and last week’s price was $257.

For further perspective, and for steers weighing 600-700 lbs., average prices last week were $31.52 higher year over year in the North Central Region at $290.17/cwt., $27.17 higher in the South Central region at $266.56 and $28.64 higher in the Southeast at $252.41, according to USDA’s  National Weekly Feeder and Stocker Cattle Summary.

Cattle futures extended gains Monday, led once again by Feeder Cattle and underpinned by strong cash demand for calves and feeder cattle.

Toward the close, Feeder Cattle futures were an average of $2.41 higher.

Live Cattle futures were an average of $1.18 higher.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290 in Nebraska and $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was $3.94 higher Monday afternoon at $307.28/cwt. Select was 69¢ lower at $275.45.

Grain and Soybean futures closed higher Friday as traders appeared to apply more risk premium based on Russia’s war with Ukraine.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 5¢ higher. Kansas City Wheat futures were 12¢ to 14¢ higher. Soybean futures were 8¢ to 11¢ higher.

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Major U.S. financial indices closed mixed Monday with tech stocks earning the strongest support.

The Dow Jones Industrial Average closed 55 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 111 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $2.16 to $2.29 higher through the front six contracts.

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Agricultural lenders expect 58% of borrowers to be profitable this year compared to 78% last year, according to the 2024 Ag Lender Survey report produced jointly by the American Bankers Association and the Federal Agricultural Mortgage Corporation, more commonly known as Farmer Mac. The combination of lower export demand for U.S. agricultural goods and the rebound of global inventories has put significant downward pressure on global commodity prices and U.S. farm incomes, according to the report released last week at the ABA Agricultural Bankers Conference in Milwaukee. However, profitability expectations varied by region and major commodity types, with livestock producers garnering more optimism from lenders than crop growers.

Among other report highlights:

*Farmland values continued to rise in 2024, albeit at a slower pace than in previous years. However, regional differences abound, and headwinds have grown in many areas. As a result, most lenders expect land values and cash rents may plateau or decline over the next year.

*Unsurprisingly, liquidity and farm income remained atop the list of lender concerns for producers. Meanwhile, lenders expressed less concern this year about inflation, weather and many other factors affecting producers.

*Concern levels spiked in 2024 for several sectors, including grains, fruits and tree nuts. On the other hand, concern levels dropped for dairy, beef and poultry. The changes largely reflect how the farm income outlook has shifted within each sector over the past year.

Feeder Cattle futures closed an average of $3.16 higher on Friday, leading the complex higher. Week to week on Friday, they closed an average of $5.58 higher, buoyed by lower Corn futures and strong cash demand in the country with added support from recent rains in wheat pasture country.

Live Cattle futures were an average of 73¢ higher, except for unchanged in spot Dec. Week to week on Friday, they closed an average of $1.39 higher, except for an average of 40¢ lower in the front two contracts.

That was despite weaker negotiated cash fed cattle prices.

For the week, FOB live prices were $185/cwt., which was $2 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $3 lower in the western Corn Belt. Dressed delivered prices were $4 lower at $290.

Choice boxed beef cutout value was 46¢ lower Friday afternoon at $303.34/cwt. Select was 52¢ lower at $276.14.

Total estimated cattle slaughter last week of 606,000 head was 13,000 head fewer than the previous week and 33,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 27.6 million head was 1.1 million head fewer (-3.7%) than the same period last year. Year-to-date estimated beef production of 23.4 billion pounds was 125.7 million pounds less (-0.5%).

Grain and Soybean futures closed higher Friday on likely corrective buying.

Corn futures closed 2¢ to 5¢ higher through Jly ’25 and then 2¢ to 3¢ higher. Kansas City Wheat futures closed 4¢ to 8¢ higher. Soybean futures closed mostly 5¢ to 8¢ higher.

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Major U.S. financial indices closed lower again Friday as investors appeared to grow skittish about the path of interest rate cuts and potential policy shifts with the new administration.

The Dow Jones Industrial Average closed 305 points lower. The S&P 500 closed 78 points lower. The NASDAQ was down 427 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.39 to $1.68 lower through the front six contracts.

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USDA’s Economic Research Service (ERS) bumped this year’s forecast annual feeder steer price slightly higher, and next year’s annual average price slightly lower in the November Livestock, Dairy and Poultry Outlook.

For feeder steers weighing 750-800 lbs., selling at Oklahoma City, ERS projected prices $1 higher in the fourth quarter at $254/cwt. for annual average price of $250.84, which was 25¢ more than the previous month’s estimate.

“Weekly cattle prices have rebounded from September’s relative lows to establish new highs for October and November,” according to ERS analysts. “They are forecast to continue elevated through 2025, reflecting recent price data and changes to the timing of cattle placements and marketings.”

For 2025, ERS left projected feeder steer prices steady in the first quarter at $248. Forecast prices increased $3 in the second quarter to $257 but decreased $3 in the third quarter to $260 for an annual average price of $258, which was 75¢ less than the prior month’s estimate.

“Earlier this year, it was expected that the number of cattle on feed would shrink year over year in the second half of 2024, based on smaller inventory levels at the beginning of the year, and that year-over-year higher calf prices would result in retention of heifers, limiting numbers in the

Feedlot,” ERS analysts explain. “However, the USDA October Cattle on Feed report estimated the Oct. 1 feedlot inventory at 11.6 million head, nearly flat from the same month last year. Feedlot net placements in September were 2% lower year over year at 2.1 million head. Placements more than offset marketings in September, which registered 1.7 million head, up 2% year over year. As a result, the number of cattle on feed on Oct. 1 has been relatively flat since 2021 despite declining cattle inventories since 2019.”

Combined with fewer year-over-year marketings, they note the number of cattle on feed for more than 150 days is higher year over year.

Negotiated cash fed cattle trade was slow on light to moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service. Based on the latest established trends, FOB live prices are $1-$2 lower in Nebraska at $185/cwt. and $3 lower in the western Corn Belt at $182-$185. Dressed delivered prices are $4 lower at $290.

Trade was limited on light demand in the Southern Plains. Although too few to trend, there were some early FOB live trades at $185. Prices last week were $187.

Choice boxed beef cutout value was $3.14 lower Thursday afternoon at $303.80/cwt. Select was $2.00 lower at $276.66.

Cattle futures were mostly lower Thursday, pressured by lower cash fed cattle prices and sluggish wholesale beef values.

Toward the close, Live Cattle futures were an average of 95¢ lower.

Feeder Cattle futures were an average of 56¢ lower, except for $1.22 higher in spot Nov and unchanged at the back.

Grain and Soybean futures were lower Thursday, with pressure from the stronger U.S. Dollar and positive growing conditions.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 7¢ lower. Kansas City Wheat futures were 6¢ to 8¢ lower. Soybean futures were 14¢ to 19¢ lower.

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Major U.S. financial indices were lower Thursday. Besides potential rally fatigue, the results of the latest Consumer Price Index, though expected, continue reflecting stubborn inflation.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in October, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.6% before seasonal adjustment.

The Dow Jones Industrial Average closed 207 points lower. The S&P 500 closed 36 points lower. The NASDAQ was down 123 points

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 13¢ to 23¢ higher through the front six contracts.