WLI

Cattle futures gained Thursday, with steady to stronger cash fed cattle prices and higher wholesale beef values.

Toward the close, Live Cattle futures were an average of 66¢ higher. Feeder Cattle futures were an average of $1.16 higher.

Negotiated cash fed cattle trade ranged from slow on light demand to moderate on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are steady to $1 higher in Kansas at $186-$187/cwt. and steady in the North at $187. Dressed delivered prices are steady at $296.

Last week, FOB live prices were $186 in the Texas Panhandle.

Choice boxed beef cutout value was $1.77 higher Thursday afternoon at $309.95/cwt. Select was $2.10 higher at $290.73.

Corn and soybean futures were lower Thursday with harvest pressure and more positive weather in South America. There was also likely positioning ahead of the monthly World Agricultural Supply and Demand Estimates due out on Friday.

Toward the close and through Sep ’25 contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 3¢ to 6¢ lower.

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Major U.S. financial indexes closed slightly lower Thursday, pressured by readings of more inflation and employment weakness than expected.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% month to month in September on a seasonally adjusted basis, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.4% before seasonal adjustment.

On the labor front, for the week ending October 5, the advance figure for seasonally adjusted initial unemployment insurance claims was 33,000 more than the previous week at 258,000, the highest level since August 5.

The Dow Jones Industrial Average closed 57 points lower. The S&P 500 closed 11 points lower. The NASDAQ was down 9 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.96 to $2.33 higher through the front six contracts.

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U.S. beef exports weakened toward the end of summer, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports in August totaled 102,682 metric tons (mt), down 6% from a year earlier and the lowest since January. Export value fell 4% to $845.9 million. Through the first eight months of the year, beef exports were 3% below last year at 856,834 mt but were 4% higher in value at just under $7 billion.

“Beef demand in our major Asian markets seemed to lose a bit of momentum in August, but exports held up well to Mexico, Taiwan and the Middle East,” says Dan Halstrom, USMEF president and CEO. “The headwinds in Asia remain formidable, but we are encouraged by the region’s ongoing tourism rebound. The late-September removal of Colombia’s restrictions on U.S. beef is also a positive development. While this came too late to impact the August results, it will help bolster fourth-quarter demand in Latin America.”

U.S. beef export value equated to $391.19 per head of fed slaughter in August, down 1% from a year ago. The January-August average was $414.88 per head, up 5%.

Cattle futures were lower Wednesday, with overbought conditions and the lack of weekly cash direction.

Toward the close, Live Cattle futures were an average of 73¢ lower. Feeder Cattle futures were an average of $1.11 lower.

Negotiated cash fed cattle trade was slow on light demand in the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few FOB live trades at $187/cwt., but too few to trend. Elsewhere, trade was at a standstill.

Last week, FOB live prices were $186 in the Southern Plains, $187 in Nebraska and $187-$188 in the western Corn Belt. Dressed delivered prices were $296.

Choice boxed beef cutout value was $1.34 higher Wednesday afternoon at $308.18/cwt. Select was 2¢ higher at $288.63.

Turning to grains, toward the close and through Sep ’25 contracts, Corn futures were fractionally mixed. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were mostly 2¢ to 5¢ higher.

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Major U.S. financial indices closed higher again Wednesday, led by tech stocks.

The Dow Jones Industrial Average closed 431 points higher. The S&P 500 closed 49 points higher. The NASDAQ was up 108 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 21¢ to 55¢ lower through the front six contracts.

Cattle futures were higher Tuesday, supported again by recently stronger Choice wholesale beef values.

Toward the close, Live Cattle futures were an average of 54¢ higher. Feeder Cattle futures were an average of $1.51 higher.

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

Last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., steady in Nebraska at $187 and mostly steady to $2 higher in the western Corn Belt at $187-$188. Dressed delivered prices were $2 higher in Nebraska at $296 and $2-$4 higher in the western Corn Belt at $296.

Choice boxed beef cutout value was 91¢ higher Tuesday afternoon at $306.84/cwt. Select was 72¢ lower at $288.61.

Corn and soybean futures were lower Tuesday with harvest pressure and a more positive planting outlook for South America.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 2¢ to 5¢ lower. Soybean futures were 15¢ to 19¢ lower. Kansas City Wheat futures were fractionally lower.

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Major U.S. financial indices closed higher Tuesday, supported by easing oil prices and stronger tech stocks.

The Dow Jones Industrial Average closed 126 points higher. The S&P 500 closed 55 points higher. The NASDAQ was up 259 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $2.52 to $3.54 lower through the front six contracts.

Cattle futures mostly extended gains Monday, supported by recently stronger wholesale beef values.

Toward the close, Live Cattle futures were an average of 78¢ higher with the strongest support at the back half of the board. Feeder Cattle futures were an average of $1.69 higher across a broad range, except for an average of 49¢ lower in two contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $1 higher in the Southern Plains at $186/cwt., steady in Nebraska at $187 and mostly steady to $2 higher in the western Corn Belt at $187-$188. Dressed delivered prices were $2 higher in Nebraska at $296 and $2-$4 higher in the western Corn Belt at $296.

Choice boxed beef cutout value was $3.35 higher Monday afternoon at $305.93/cwt. Select was $1.72 higher at $289.33.

Corn and wheat futures added apparent risk premium Monday. Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were 5¢ to 6¢ higher. Soybean futures were fractionally lower to 3¢ lower.

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Major U.S. financial indices basically gave back the previous session’s strong gains Monday, under pressure from spiking oil prices and bond yield rates.

The Dow Jones Industrial Average closed 398 points lower. The S&P 500 closed 55 points lower. The NASDAQ was down 213 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed $2.72 to $2.91 higher through the front six contracts.

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Approximately half of the winter wheat crop was planted as of October. 6, according to the latest USDA Crop Progress report with 51% in the ground, which was 1% behind last year and the five-year average.

However, planting is running well behind in key states like Oklahoma.

“Opportunities for wheat grazing are slipping aways quickly,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “At the end of September, wheat planting in Oklahoma was 22%, compared to a 32% average for the previous five years. Some wheat has been dusted into dry soil to await moisture. Some wheat is up but stands are small and not growing much due to the lack of moisture.” The latest Crop Progress reports pegs Oklahoma planting at 32% versus 43% a year earlier and 46% for average.

As for other crops, 30% of corn was harvested, which was 1% less than a year earlier but 3% more than average. Sixty-four percent was rated as Good (49%) or Excellent (15%) compared to 53% at the same time last year.

Similarly, 47% of soybeans were harvested, which was 10% more than a year earlier and 13% more than average. Sixty-three percent were rated as Good (51%) or Excellent (12%) versus 51% at the same time last year.

Cattle futures closed higher Friday, helped along by more bullish outside markets, indications of stronger cash trade and perhaps added confidence from the resolution to the dock strikes, at least for now.

Live Cattle futures were an average of 63¢ higher. Feeder Cattle futures were an average of $1.48 higher (45¢ to $2.25 higher). Week to week on Friday, Live Cattle futures were an average of $2.97 higher and Feeder Cattle futures were an average of $3.78 higher.

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 higher at $186/cwt.

Elsewhere, trade was slow on light demand with too few transactions to trend.

Last week FOB Live prices were mostly $187 in Nebraska and $186-$187 in the western Corn Belt. Dressed delivered prices were $292-$294.

Choice boxed beef cutout value was $2.78 higher Friday afternoon at $302.58/cwt. Select was $4.32 higher at $287.61.

Estimated total cattle slaughter last week of 611,000 head was 1,000 head fewer than the previous week and 16,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 23.9 million head was 950,000 head fewer (-3.8%) than the same period a year earlier. Estimated year-to-date beef production of 20.2 billion pounds was 150.1 million pounds less (-0.7%).

Grain and Soybean futures closed lower again Friday with harvest pressure.

Corn futures closed 2¢ to 4¢ lower. Kansas City Wheat futures closed 11¢ to 13¢ lower. Soybean futures closed 7¢ to 8¢ lower.

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Major U.S. financial indices closed higher Friday, buoyed by a monthly jobs report that far exceeded expectations.

Total non-farm payroll employment increased by 254,000 in September, leaving the unemployment rate little changed at 4.1%, according to the U.S. Bureau of Labor Statistics.

In September, average hourly earnings for all employees on private non-farm payrolls increased by 13¢ to $35.36.

The Dow Jones Industrial Average closed 341 points higher. The S&P 500 closed 51 points higher. The NASDAQ was up 219 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 1¢ to 67¢ higher through the front six contracts.

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Calves and feeder cattle traded mainly steady to higher at last week’s auctions monitored by Cattle Current, supported by stronger Cattle futures.

Overall, though, Andrew P. Griffith, agricultural economist at the University of Tennessee notes there are several factors working against calf prices currently.

“There are a few factors working against calf prices at the moment,”

“The first is clearly the seasonal trend associated with a large number of calves being weaned and marketed during the fall months,” Griffith explains, in his weekly market comments. “The second is the increased incidence of morbidity and mortality associated with the drastic temperature swings that will soon come into play. Third is the widespread drought conditions in many parts of the country.”

Approximately 70% of the continental United States is experiencing abnormally dry or drought conditions, according to the current U.S. Drought Monitor. That’s 12% more than a year ago.

Conversely, Griffith notes competition for declining calf supplies will add price support.

“It will not just be stocker producers and backgrounding operations competing for these animals. There will be feedlots looking to place calves on feed at lighter weights as they look to fill pens,” Griffith explains. “With the decline in feed prices and reduced availability of yearling cattle, feedlot managers will be looking for a way to fill the pens and keep them filled for a longer period of time.”