WLI

Negotiated cash fed cattle trade was light on light demand in the Texas Panhandle through Wednesday afternoon with FOB live prices $1 higher at $201/cwt. in a light test, according to the Agricultural Marketing Service.

FOB live prices were steady to $1 higher in Kansas at $201 on moderate trade and demand.

Elsewhere, trade was mostly inactive on very light demand.

Last week, FOB live prices were $203 in Nebraska and $200-$205 in the western Corn Belt. Dressed delivered prices were $320.

Choice boxed beef cutout value was $1.16 higher Wednesday afternoon at $334.14/cwt. Select was 67¢ lower at $318.04.

Cattle futures gained Wednesday with help from more optimistic outside markets and the prospects of at least steady cash fed cattle trade.

Toward the close, Feeder Cattle futures were an average of $1.13 higher. Live Cattle futures were an average of $1.24 higher.

Corn and Soybean futures were mixed Wednesday.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 1¢ to 4¢ higher. Kansas City Wheat futures were 2¢ to 3¢ lower. Soybean futures were 4¢ to 8¢ lower.  

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Major U.S. financial indices closed higher Wednesday with another inflation reading that came in slightly less than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% on a seasonally adjusted basis in December, after rising 0.3% in November, according to the U.S. Bureau of Labor Statistics. The all items index increased 2.9% over the last 12 months before seasonal adjustment.

However, the index for all items less food and energy rose 0.2% in December, after increasing 0.3% in each of the previous four months.

A day earlier, the Producer Price Index for final demand — a measure of wholesale price inflation — was also lower than expected.

The Dow Jones Industrial Average closed 703 points higher. The S&P 500 closed 107 points higher. The NASDAQ was up 466 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.57 to $3.01 higher through the front six contracts, supported by declining week-to-week domestic supplies and increased perceived supply risk.

Cattle futures consolidated Tuesday awaiting this week’s cash fed cattle direction.

Toward the close, Feeder Cattle futures were an average of 52¢ higher across a broad range. Live Cattle futures were an average of 49¢ lower across a broad range.

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

Last week, FOB live prices were 200/cwt. in the Texas Panhandle, $200-$201 in Kansas, $203 in Nebraska and $200-$203 in the western Corn Belt. Dressed delivered prices were $320.

Choice boxed beef cutout value was 37¢ lower Tuesday afternoon at $332.98/cwt. Select was $1.14 higher at $318.71.

Corn and Soybean futures softened Tuesday with likely profit taking in the wake of the recent surge higher.

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

Soybean futures closed 4¢ to 7¢ lower, except for 3¢ higher in expiring Jan.

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Major U.S. financial indices closed mixed Tuesday. Positive economic news included a tamer inflation reading than expected for wholesale prices. The Producer Price Index for final demand increased 0.2% in December, seasonally adjusted, according to the U.S. Bureau of Labor Statistics.

The Dow Jones Industrial Average closed 221 points higher. The S&P 500 closed 6 points higher. The NASDAQ was down 43 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 10¢ higher to 82¢ lower through the front six contracts.

Cattle futures were lower Monday on likely profit taking and positioning following last week’s charge higher.

Toward the close, Feeder Cattle futures closed an average of $1.42 lower. Live Cattle futures closed an average of 96¢ lower.

Negotiated cash fed cattle trade mostly inactive on very light demand in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3-$4 higher in the Texas Panhandle at 200/cwt., $4 higher in Kansas at $200-$201, $3 higher in Nebraska at $203 and steady to $5 higher in the western Corn Belt at $200-$203. Dressed delivered prices were $5 higher at $320.

Last week’s weighted average five-area direct FOB live steer price was $3.65 higher at $202.58/cwt. The weighted five-area average dressed delivered steer price was $5.29 higher at $320.25.

Choice boxed beef cutout value was 51¢ higher Monday afternoon at $333.35/cwt. Select was $3.43 higher at $317.57.

Corn and Soybean futures continued higher Monday with follow-through support from Friday’s monthly World Agricultural Supply and Demand Estimates, dragging Wheat along.  

Toward the close and through Sep ’25 contracts, Corn futures closed 5¢ to 7¢ higher. Kansas City Wheat futures were mostly 9¢ to 11¢ higher. Soybean futures closed 20¢ to 30¢ higher

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Major U.S. financial indices closed mixed Monday, as investors awaited inflation reading this week.

The Dow Jones Industrial Average closed 358 points higher. The S&P 500 closed 9 points higher. The NASDAQ was down 75 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 30¢ lower to $2.21 higher through the front six contracts.

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USDA provides some annual perspective with year-over-year five-area direct weighted average negotiated cash fed cattle prices.

Compared to 2023, the five-area direct weighted average FOB live fed steer price was $11.11 higher at $187.25/cwt. The weighted average dressed delivered steer price was $17.91 more at $295.86.

The five-area direct weighted average FOB live fed heifer price was $11.31 higher at $186.38/cwt. The weighted average dressed delivered fed heifer price was $18.24 more at $295.69.

Negotiated cash fed cattle trade was light on moderate demand in the Southern Plains and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Trade in the western Corn Belt was limited on light demand.

For the week, FOB live prices were $4 higher in the Southern Plains at 200-201/cwt., $3 higher in Nebraska at $203 and steady to $5 higher in the western Corn Belt at $200-$203. Dressed delivered prices were $5 higher at $320.

Choice boxed beef cutout value was $2.06 higher Friday afternoon at $332.84/cwt. Select was $5.79 higher at $314.14.

Week to week on Friday, Choice was $7.60 higher and Select was $17.42 higher.

Estimated beef production so far this year illustrates the slower year-over-year production pace, down 161.7 million pounds (-17.6%) compared to the same time last year. Year-to-date estimated total cattle slaughter of 870,000 head was 217,000 head fewer (-20%).

Cattle futures continued higher Friday, buoyed by higher cash fed cattle prices and stronger wholesale beef values.

Feeder Cattle futures closed an average of $1.26 higher (75¢ higher at the back to $3.12 higher at the front). Week to week, they were an average of $6.07 higher ($5.22 to $7.52 higher). 

Live Cattle futures closed an average of 86¢ higher Friday (27¢ to $1.37 higher). Week to week, they were an average of $3.39 higher ($2.37 higher at the back to $4.27 higher in spot Feb).

Turning to the grain complex, Corn and Soybean futures bounced higher with help from cuts to yield and. Ending stocks in the monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 14¢ to 15¢ higher in old-crop contracts and then mostly 1¢ to 3¢ higher. Week to week, they were an average of 20’6¢ higher through old-crop contracts.

Soybean futures closed 16¢ to 26¢ higher through Jan ’26 and then 8¢ to 13¢ higher.

Kansas City Wheat futures closed mostly 2¢ to 5¢ higher.

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Major U.S. financial indices closed lower Friday, pressured by bullish employment numbers, which cast a pall over potential interest rate cuts.

Total non-farm payroll employment increased by 256,000 in December, according to the U.S. Bureau of Labor Statistics, more than expected. The unemployment rate was little changed at 4.1%.

Average hourly earnings for all employees on private nonfarm payrolls rose by 10¢ (0.3%) in December. Over the past 12 months, average hourly earnings have increased by 3.9%.

The Dow Jones Industrial Average closed 696 points lower. The S&P 500 closed 91 points lower. The NASDAQ was down 317 points.

Crude oil futures surged on chatter about potential U.S. sanctions aimed at Russian oil carriers.

West Texas Intermediate Crude Oil futures on the CME closed $1.66 to $2.65 higher through the front six contracts.

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USDA’s Economic Research Service (ERS) increased expected five-area direct average fed steer prices in the January World Agricultural Supply and Demand Estimates. Compared to the previous month, forecast prices increased $6 in the first quarter to $194/cwt., $5 in the second quarter to $194, $4 in the third quarter to $196, and by $5 for an annual average price of $196. Increased optimism stemmed from recent prices and continued strong beef demand.

Projected beef production this year of 25.8 billion pounds would be 1.2 billion pounds less (-4.4%) than last year’s estimated production.

Cattle futures took a step higher Thursday, helped along by the prospects of higher cash fed cattle prices and stronger wholesale beef values.

Before settlement, Feeder Cattle futures were an average of $3.26 higher. Live Cattle futures were an average of $1.96 higher.

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

However, there were reports of $200 live cash prices in the Southern Plains and more up North.

Last week, FOB live prices were $196-$197/cwt. in the Southern Plains and $200 in Nebraska and the western Corn. Dressed delivered prices were $315.

Choice boxed beef cutout value was $2.17 higher Thursday afternoon at $330.78/cwt. Select was $1.46 higher at $308.35.

Grain and Soybean futures were mixed Thursday between South American weather and positioning ahead of the monthly World Agricultural Supply and Demand Estimates and Grain Stocks report due out Friday.

Before settlement, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 2¢ lower. Soybean futures were mostly 1¢ to 3¢ higher.

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Stock markets were closed Thursday, in observance of the National Day of Mourning for former president, Jimmy Carter.

Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 70¢ to 97¢ higher through the front six contracts.

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U.S. beef exports made strong gains in November, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

November beef exports increased 10% year-over-year to 109,288 metric tons (mt), while value climbed 11% to $872.7 million. Export value per head of fed slaughter equated to $428.70 in November, up 13% from a year ago and the highest since June.

For January through November, beef exports increased 5% in value ($9.56 billion) from the same period in 2023, despite a 1% decline in volume (1.18 million mt).

“Despite continued economic headwinds in Asia, November demand for U.S. beef strengthened in South Korea, China and Taiwan, and exports were fairly steady to Japan,” says Dan Halstrom, USMEF president and CEO. “The strong performance in Mexico and outstanding demand for variety meat in Egypt were also critical for bolstering carcass value.”

November beef exports also increased substantially year-over-year to the Caribbean, ASEAN and Central America.

Pork exports totaled 272,141 mt in November, up 5% from a year ago, while export value increased 6% to just under $783 million.