WLI

Negotiated cash fed cattle trade ranged from limited on light demand to inactive on very light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 higher in the Texas Panhandle at $191-$192/cwt, steady in Kansas at $191 and $4-$5 higher in Nebraska and the western Corn Belt at $195-$196/cwt. Dressed delivered prices were $8 higher in Nebraska at $305 on a light test and $5 higher in the western Corn Belt at $302.

Choice boxed beef cutout value was $1.15 higher Friday afternoon at $316.39/cwt. Select was $3.38 higher at $283.86. Week to week on Friday, Choice was $4.35 higher and Select was $7.13 higher.

Estimated total cattle slaughter last week of 609,000 head was 5,000 head fewer than the previous week and 38,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 30 million head was 1.1 million head less (-3.7%). Year-to-date estimated beef production of 25.5 billion pounds was 131.5 million pounds less (-0.5%).

Cattle futures closed mixed Friday, with Live Cattle supported by higher cash fed cattle prices and stronger wholesale beef values.

Feeder Cattle futures were an average of 66¢ lower. Live Cattle futures closed mixed, from an average of 93¢ higher in the front four contracts (22¢ to $1.52 higher) to an average of 21¢ lower.

Week to week on Friday, Live Cattle futures closed an average of $3.09 higher ($1.25 higher at the back to $6.27 higher in spot Dec). During the same period, Feeder Cattle futures closed an average of $2.17 higher (from 55¢ higher at the back to $3.00 higher toward the front).    

Grain and Soybean futures closed lower Friday with likely profit taking and farmer selling.

Corn futures closed mostly 1¢ to 2¢ lower. Kansas City Wheat futures closed mostly 4¢ to 5¢ lower. Soybean futures closed 5¢ to 8¢ lower.

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Major U.S. financial indices closed narrowly mixed Friday.

The Dow Jones Industrial Average closed 86 points lower. The S&P 500 closed fractionally lower. The NASDAQ was up 23 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 85¢ to $1.27 higher through the front six contracts.

Negotiated cash fed cattle prices climbed higher in the North Thursday where trade was slow with moderate to good demand through the afternoon, according to the Agricultural Marketing Service.

Compared to last week, FOB live prices were $4-$5 higher in Nebraska and the western Corn Belt at $195-$196/cwt. For the week, dressed delivered prices are $8 higher in Nebraska at $305 on a light test and $5 higher in the western Corn Belt at $302.

Trade in the Southern Plains through Thursday afternoon was mostly inactive on light demand. FOB live prices in Kansas earlier in the week were steady at $191. FOB live prices in the Texas Panhandle the previous week were $190-$191.

Choice boxed beef cutout value was $4.01 higher Thursday afternoon at $315.24/cwt. Select was $2.37 higher at $280.48.

Cattle futures softened Thursday, with some likely profit taking and despite higher cash fed cattle prices and stronger wholesale beef values.

Toward the close, Feeder Cattle futures were an average of $1.06 lower. Live Cattle futures were an average of 81¢ lower, except for unchanged in the spot contract.  

Grain and Soybean futures softened Thursday.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 5¢ lower with likely profit taking and farmer selling. Kansas City Wheat futures were 4¢ lower. Soybean futures were mostly fractionally mixed.

Cattle futures continued higher Wednesday amid strong fundamentals and prospects for higher cash fed cattle trade this week.

Toward the close, Feeder Cattle futures were an average of $1.63 higher. Live Cattle futures were an average of $1.60 higher.  

There were some early FOB live prices at $193/cwt. in Nebraska and the western Corn Belt but too few to trend.

Established trade so far this week is steady at $191 FOB live in Kansas.

Last week, FOB live prices were $190-$191 in the Texas Panhandle and $190-$192 in the North. Dressed delivered prices were $297.

Choice boxed beef cutout value was 31¢ lower Wednesday afternoon at $311.23/cwt. Select was $1.54 lower at $278.11.

Grain and Soybean futures firmed Wednesday, with follow-through support from the World Agricultural Supply and Demand Estimates, offset by chart resistance in Corn.

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

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Major U.S. financial indices closed mixed on Wednesday. Support included tech stocks and an inflation reading in line with expectations.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% month to month in November on a seasonally adjusted basis,

according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.7% before seasonal adjustment.

The Dow Jones Industrial Average closed 99 points lower. The S&P 500 closed 49 points higher. The NASDAQ was up 347 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.14 to $1.75 higher through the front six contracts.

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USDA recently provided early-release Baseline Projections to 2034. After declining again this year, those projections see the beef cow herd declining further to 27.8 million in 2026, then growing to 30.6 million in 2031 before declining again.

USDA projects Oklahoma City feeder steers prices (750-800 pounds) to average $258.75 per cwt. in 2025 and then peak at $267.26 in 2026 before declining to $189.80 in 2031.

USDA forecasts the weighted average five-area direct fed steer price at $186.50 per cwt. in 2025 and then peaking at $196.49 in 2026 before declining to $150.65 in 2031.

Incidentally, USDA forecasts the farm price for corn at $3.90 to $4.30 per bushel during the projection period.

Cattle futures were strongly higher Tuesday, helped along by early indications of steady to higher cash prices.

Toward the close, Feeder Cattle futures were an average of $1.77 higher. Live Cattle futures were an average of $1.48 higher.      

Negotiated cash fed cattle trade was slow on light demand in Kansas through Tuesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady at $191/cwt.

Elsewhere, trade ranged from mostly inactive to a standstill.

Last week, FOB live prices were $190-$191 in the Texas Panhandle and $190-$192 in the North. Dressed delivered prices were $297.

Choice boxed beef cutout value was $2.41 lower Tuesday afternoon at $311.73/cwt. Select was 31¢ higher at $279.65.

Grain and Soybean futures were higher Tuesday, benefiting from the friendly World Agricultural Supply and Demand Estimates (see below).

Toward the close and through Sep ’25 contracts,

Corn futures were mostly 6¢ to 7¢ higher. Kansas City Wheat futures were mostly 6¢ higher. Soybean futures were 4¢ to 5¢ higher.

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Major U.S. financial indices closed lower on Tuesday as investors await key inflation data this week.

The Dow Jones Industrial Average closed 154 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 49 points.

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

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USDA’s Economic Research Service (ERS) left the fourth-quarter five-area direct fed steer price and the annual average 2024 price unchanged at $188/cwt. and $186.68, respectively, in the latest World Agricultural Supply and Demand Estimates (WASDE).

For 2025, compared to the previous month’s projections, ERS left the first-quarter price unchanged at $188 but increased price projections by $2 in the second quarter to $189 and by $6 in the third quarter to $192 with an annual average price $3 higher at $191.

Without any official timeline for resuming live cattle exports from Mexico to the United States — due to New World Screw Worm — ERS analysts emphasize the latest WASDE projections assume export restrictions will remain in place indefinitely.

With the above assumption in mind, ERS reduced projected 2025 beef production, compared to the previous month’s estimate. ERS forecasts beef production next year to be 25.7 billion pounds, which was 615.3 million pounds less than the previous projection. Next year’s total would be 1.4 billion pounds less (-5.1%) than this year’s projected total.

Cattle futures were mostly higher Friday, supported by last week’s higher cash fed cattle trade and stronger wholesale beef values.

Toward the close, Feeder Cattle futures were an average of 45¢ higher, except for an average of 12¢ lower at either end of the board. Live Cattle futures were an average of 44¢ higher.

There was no Monday afternoon USDA fed cattle sale summary available at press time.

Last week, FOB live prices were $191/cwt. in the Southern Plains, $191-$192 in Nebraska and $190 in the western Corn Belt.

Dressed delivered prices in the western Corn Belt were $297. Prices in Nebraska the previous week were $295.

The five-area direct weighted average FOB live steer prices last week was 93¢ higher at $190.90. The weighted average dressed delivered steer price was 57¢ higher at $297.21.

Choice boxed beef cutout value was $2.10 higher Monday afternoon at $314.14/cwt. Select was $2.61 higher at $279.34.

Grain and Soybean futures closed mixed Monday.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 1¢ to 2¢ higher. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were 1¢ to 4¢ lower.

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Major U.S. financial indices closed lower on Monday led by tech stocks.

The Dow Jones Industrial Average closed 240 points lower. The S&P 500 closed 37 points lower. The NASDAQ was down 123 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 80¢ to 98¢ higher through the front six contracts.