WLI

Cattle futures mainly edged higher Wednesday, awaiting established weekly cash fed cattle trade.

Toward the close, Live Cattle futures were narrowly mixed, from an average of 15¢ lower in the front three contracts to an average of 15¢ higher. Feeder Cattle futures were an average of 59¢ higher, except for 35¢ lower in spot Nov.

Negotiated cash fed cattle trade ranged from light on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early dressed delivered sales in Nebraska at $290/cwt.

Last week, FOB live prices were $3 lower in the Southern Plains at $187/cwt., $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $306.94/cwt. Select was $1.26 lower at $278.66.

Grain and Soybean futures were lower Wednesday, with continued pressure from the stronger U.S. Dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 3¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were mostly 2¢ to 4¢ lower.

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Major U.S. financial indices were narrowly mixed Wednesday.

The Dow Jones Industrial Average closed 47 points higher. The S&P 500 closed 1 point higher. The NASDAQ was down 50 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were mostly 30¢ to 34¢ lower through the front six contracts.

Cattle futures extended gains Tuesday, supported by another day of firmer Choice boxed beef cutout values and likely short covering.

Toward the close, Live Cattle futures were an average of 96¢ higher. Feeder Cattle futures were an average of $1.56 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

Choice boxed beef cutout value was 6¢ higher Tuesday afternoon at $308.27/cwt. Select was $1.92 higher at $279.92.

Grain and Soybean futures were lower Tuesday, with likely pressure from the stronger U.S. Dollar, profit taking and producer selling.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were 11¢ to 13¢ lower. Soybean futures were mostly 8¢ to 13¢ lower.

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Major U.S. financial indices softened Tuesday with likely profit taking and investor wariness about Tuesday’s inflation data.

The Dow Jones Industrial Average closed 382 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 17 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 7¢ to 13¢ lower through the front six contracts.

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Although bred cow prices are higher year over year, Rob Ziegler, Extension specialist at the University of Wyoming says the increase is likely due to supply and higher cattle prices rather than expansion demand.

In the latest issue of In the Cattle Markets, Ziegler explains the October  Cattle on Feed report pegged heifers at 40% of total cattle on feed, whereas consensus suggests the number needs to be 36-37% to signal herd expansion.

“At this point there is little indication that beef cattle producers are retaining heifers to increase cow herd numbers,” Ziegler says.

Cattle futures found some footing Monday, helped along by the firmer boxed beef cutout values.

Toward the close, Live Cattle futures were an average of 21¢ higher, except for unchanged in spot Dec and $1.00 higher at the back of the board. Feeder Cattle futures were an average of 87¢ higher.

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

Last week, FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $3-$4 lower in Nebraska at $186-$187 and $2-$5 lower in the western Corn Belt at $185-$188. Dressed delivered prices were $2-$4 lower in Nebraska at $294 and $4 lower in the western Corn Belt at $294.

The weighted average five-area direct FOB live fed steer price last week was $3.29 lower at $186.53. The weighted average dressed delivered fed steer price was $3.84 lower at $293.13.

Choice boxed beef cutout value was 28¢ higher Monday afternoon at $308.21/cwt. Select was $2.65 higher at $281.84.

Grain and Soybean futures were lower Monday, presumably pressured by a higher U.S. dollar, farmer selling and sharply lower crude oil prices.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 3¢ lower. Kansas City Wheat futures were 3¢ to 5¢ lower. Soybean futures were 5¢ to 9¢ lower.

Cattle futures closed sharply lower Friday, pressured by lower cash prices, lower wholesale beef values and the Goldman role.

Live Cattle futures were an average of $1.38 lower. Week to week on Friday, they ranged from an average of $1.31 lower in the front four contracts to an average of 93¢ higher.

Feeder Cattle futures were an average of $2.33 lower Friday. Week to week, they were an average of $1.28 lower, except for an average of 20¢ higher in the back two contracts.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to light on light demand in other major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $3 lower in the Southern Plains at $187/cwt. and $2-$4 lower in Nebraska at $186-$188. Although too few to trend, there were some early trades in the western Corn Belt at $185-$186, where prices the previous week were $190.

Dressed delivered prices the previous week were $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $1.53 lower Friday afternoon at $307.93/cwt. Select was 53¢ lower at $279.19.

Week to week on Friday, Choice boxed beef cutout value was $8.41 lower at $307.93/cwt. Select was $5.84 lower at $279.19. Over the past two weeks, Choice was down $14.31 and Select was $15.89 lower.

Estimated total cattle slaughter last week of 619,000 head was 4,000 head more than the previous week but 4,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 27 million head was 1 million head fewer (-3.7%) than the same period last year. Estimated year-to-date beef production of 22.9 billion pounds was 117.5 million pounds less (-0.5%).

Turning to the grain complex, futures were mixed.

Corn futures closed mostly 2¢ to 3¢ higher. Kansas City Wheat futures were mostly 3¢ to 4¢ lower. Soybean futures were mostly 4¢ to 6¢ higher through Jan ’26 and then mainly fractionally lower.

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Major U.S. financial indices closed higher Friday.

The Dow Jones Industrial Average closed 259 points higher. The S&P 500 closed 22 points higher. The NASDAQ was up 17 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.45 to $1.98 lower through the front six contracts.

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USDA’s Economic Research Service (ERS) raised the expected five-area direct fed steer price for the remainder of this year and next, in the November World Agricultural Supply and Demand Estimates (WASDE). That was based on recent prices and the continued strength in beef demand.

Compared to the previous month’s projections, forecast prices increased $2 in the fourth quarter of this year to $188/cwt. with this year’s annual average price up 50¢ at $186.68. The ERS projected prices in the first three quarters of 2025 $1 higher at $188, $187 and $186, respectively. The forecast 2025 average price also rose $1 to $188.

Increased prices came with expectations for increased beef production.

Compared to the previous month, projected beef production for this year rose by 25 million pounds to 27.02 billion pounds. Beef production increased with higher dressed weights and cow slaughter more than offsetting lower expected steer and heifer slaughter.

Forecast beef production for 2025 of 26.3 billion pounds was 355 million pounds more (+1.4%) than the previous month’s estimate. It would be 745 million pounds less (-2.8%) than this year’s projected production. Estimated beef production rose on heavier expected dressed weights and higher expected steer and heifer slaughter, partially stemming from higher-than-previously-expected placements during the second half of 2024.

Cattle futures extended gains Thursday with follow-through support from outside markets.

Toward the close, Live Cattle futures were an average of 83¢ higher. Feeder Cattle futures were an average of 82¢ higher, except for unchanged in spot Nov.

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $190/cwt. in all regions with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.

Choice boxed beef cutout value was $6.13 lower Thursday afternoon at $309.46/cwt. Select was $3.48 lower at $279.72.

Grain and Soybean futures were mixed again Thursday.

Toward the close and through Sep ’25 contracts, Soybean futures were 17¢ to 23¢ higher, boosted by weekly soybean oil exports. Corn futures were 2¢ to 3¢ higher. Kansas City Wheat futures were 3¢ to 5¢ lower.

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Major U.S. financial indices closed mixed Thursday, but mainly higher with follow-through support from the previous session and the Fed’s decision to cut interest rates a quarter-point.

The Dow Jones Industrial Average closed fractionally lower. The S&P 500 closed 44 points higher. The NASDAQ was up 285 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 34¢ to 52¢ higher through the front six contracts.

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U.S. consumers spent an average of 11.2% of their disposable personal income on food in 2023, on par with the amount spent in 2022, according to USDA’s Economics Research Service (ERS).

Consumer preferences between food-at-home and food-away-from-home spending shifted over time and have returned to trends observed before the COVID-19 pandemic. Specifically, consumers spent 5.3% of their disposable personal income on food at home, which was 5.6% less than the previous year. Conversely, expenditures on food away from home rose to 5.9%, up 0.3% year over year. ERS analysts say convenience in meal options, increased disposable personal income and lifestyle changes emerging from the pandemic may have contributed to the shift.