Daily Market Highlights

Cattle futures climbed higher Thursday, led by the surge in cash fed cattle prices. Live Cattle futures were an average of $2.15 higher. Feeder Cattle futures were an average of $4.78 higher.

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

So far this week, based on the latest established trade, FOB live prices are $230/cwt., which is $5 higher in Kansas, $5-$10 higher in Nebraska, and $10 higher in the western Corn Belt. Dressed delivered prices in Nebraska are $10 higher at $350-$355.

Last week, dressed delivered prices in the western Corn Belt were $340-$345. The previous week, FOB live prices in the Texas Panhandle were $215-$220.

Choice boxed beef cutout value was $1.25 lower Thursday afternoon at $358.11/cwt. Select was $1.42 lower at $343.46.

Grain and Soybean futures were mixed on Thursday.

Corn futures were mostly fractionally higher to 2¢ higher. KC HRW Wheat futures were fractionally lower to 1¢ lower. Soybean futures were 1¢ to 3¢ higher.

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Major U.S. financial indices closed mostly higher Thursday with follow-through support from the Fed cutting interest rates.  

The Dow Jones Industrial Average closed 646 points higher. The S&P 500 closed 14 points higher. The NASDAQ was down 60 points.

West Texas Intermediate Crude Oil futures (CME) closed 75¢ to 86¢ lower through the front six contracts.

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While increased uncertainty tied to political rhetoric and actions fueled the recent cattle market price decline, Stephen Koontz, Colorado State University agricultural economist, says cattle prices were well-above levels implied by market fundamentals through much of this late summer and into fall.

“A reasonable set of demand elasticities and supply information from the Cattle on Feedreports suggested fed animal prices closer to $215/cwt. this fall and not the better than $240 observed,” Koontz explains in an early-December issue of In the Cattle Markets. “Similarly, with the calculated boxed beef composite value often above $370/cwt., and occasionally above $400/cwt., then packers needed to pay less than $230 to break even. This did not happen and has not for a while – that is, fed cattle trading below packer breakeven. It looks to me as if the packing industry hasn’t made any money for better than two years – and I know cattlemen don’t care – but it’s not reasonable to expect losses to continue for the foreseeable future. Fed cattle prices had to retreat, and smaller animal prices with them. The seasonal timing is not a surprise.”

Although long-term price uptrends in Cattle futures prices were challenged, briefly broken in some instances, Koontz says they remain mostly intact.

“Fed cattle numbers, as seen in Commercial Slaughter, will be down 6.9% for the year. These numbers will also be down something like 6% in 2026 and 5% in 2027,” Koontz says. “Animal numbers will have to tighten further before any increase in numbers is seen. There will be some offset with higher weights, and from feeder cattle placed from Mexico with any reopening of the southern border. But not enough to change the fact of tightening supplies, reduced production, more imports and fewer exports and lower beef consumption. The plant closings and plant operational reductions announced recently are, in my mind, just the beginning. The supply fundamentals don’t change for the next 2-3 years. Only the volume of completing meats is in question.”

Cattle futures gained on Wednesday.

Live Cattle futures closed an average of $1.54 higher, except for 2¢ lower in spot Dec. Feeder Cattle futures were an average of $2.13 higher. They’re up sharply on Thursday with reports of higher cash fed cattle prices.

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

Last week, FOB live prices were $225/cwt. in Kansas, $220-$225 in Nebraska and $220 in the western Corn Belt. Dressed delivered prices were $340-$345.

FOB live prices in the Texas Panhandle the previous week were $215-$220.

Choice boxed beef cutout value was 79¢ lower Wednesday afternoon at $359.93/cwt. Select was $3.15 lower at $344.88.

Grain and Soybean futures were mixed on Wednesday.

Corn futures were mostly 1¢ to 3¢ lower. KC HRW Wheat futures were mostly 2¢ to 3¢ lower. Soybean futures were mostly 1¢ to 4¢ higher through Sep ‘27.

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Major U.S. financial indices closed higher Wednesday, buoyed by the Fed cutting interest rates 0.25%, as was widely anticipated.

The Dow Jones Industrial Average closed 497 points higher. The S&P 500 closed 46 points higher. The NASDAQ was up 77 points.

West Texas Intermediate Crude Oil futures (CME) closed 17¢ to 22¢ higher through the front six contracts.

Cattle futures wobbled Tuesday with indecisive two-sided trade.

Toward the close, Live Cattle futures were an average of 25¢ higher, except for 53¢ lower in two contracts.

Feeder Cattle futures were an average of 45¢ lower, except for 32¢ higher in Nov.

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

Last week, FOB live prices were $225/cwt. in Kansas, $220-$225 in Nebraska and $220 in the western Corn Belt. Dressed delivered prices were $340-$345.

FOB live prices in the Texas Panhandle the previous week were $215-$220.

Choice boxed beef cutout value was 14¢ higher Tuesday afternoon at $361.04/cwt. Select was 57¢ lower at $348.60.

Grain and Soybean futures were mixed on Tuesday.

Toward the close and through Jly contracts, Corn futures were mostly fractionally lower 4¢ higher, helped by reduced ending stocks in the latest World Agricultural Supply and Demand Estimates (see below).

KC HRW Wheat futures were unchanged to fractionally mixed, challenged by an increase in estimated global ending stocks.

Soybean futures were 6¢ to 7¢ lower, with no supply or use changes in the WASDE.

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Major U.S. financial indices teetered on Tuesday as investors awaited this week’s Fed decision about interest rates.

The Dow Jones Industrial Average closed 179 points lower. The S&P 500 closed 6 points lower. The NASDAQ was up 30 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) an average of 34¢ lower through the front six contracts.

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USDA’s Economic Research Service (ERS) lowered estimated five-area direct fed steer prices significantly, compared to the previous month, in the December World Agricultural Supply and Demand Estimates (WASDE).

For this year, the fourth-quarter price dropped $8 to $226/cwt. and the annual average price declined $2 to $223.97. For 2026, projected prices declined $12 in the first quarter to $230, $9 in the second quarter to $234 and $12 in the third quarter to $236. The annual 2026 average price was $11 lower at $235. Price reductions were based on recent price data and the announced loss of packing capacity.

Compared to the previous month, the ERS increased expected 2025 beef production by 194 million pounds to 25.95 billion pounds, based on the faster rate of fed and non-fed slaughter in the fourth quarter, as well as heavier dressed weights. That would be 1 billion pounds less than last year (-3.8%)

Estimated 2026 production of 25.73 billion pounds would be 225 million pounds less (-0.9%) than this year’s estimated total.

Among other WASDE highlights…

Corn

The 2025/26 U.S. corn outlook was for greater exports and lower ending stocks. Exports were raised 125 million bushels to 3.2 billion, reflecting shipments to date. With no supply changes and with use rising, corn ending stocks were lowered 125 million bushels to 2.0 billion. The season-average corn price received by producers was unchanged at $4.00 per bushel.

Soybeans

2025/26 U.S. soybean supply, use, and price projections were unchanged. U.S. season-average prices were projected at $10.50 per bushel for soybeans, $300 per short ton for soybean meal and 53¢ per pound for soybean oil.

Wheat

All supply and use categories for 2025/26 U.S. wheat were unchanged. The projected 2025/26 season-average farm price was unchanged at $5.00 per bushel.

Cattle futures stepped back from recent gains on Monday with likely profit taking and technical selling.

Toward the close, Live Cattle futures were an average of 81¢ lower, except for 17¢ higher in spot Dec. Feeder Cattle futures were an average of $2.76 lower.

Negotiated cash fed cattle trade was mostly inactive on light 70 moderate demand through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $5 higher in Kansas at $225/cwt., $10-$15 higher in Nebraska at $220-$225 and $10-$12 higher in the western Corn Belt at $220. Dressed delivered prices were $10-$15 higher in Nebraska at $340-$345 and $12-$15 higher in the western Corn Belt at $340-$345.

There was no reported established weekly in the Texas Panhandle last week. FOB live prices the previous week were $215-$220.

The five-area direct weighted average FOB live fed steer price last week was $9.68 higher at $221.21. The weighted average dressed delivered fed steer prices was $13.23 higher at $342.61.

Choice boxed beef cutout value was 30¢ lower Monday afternoon at $360.90/cwt. Select was $1.21 higher at $348.60.

Grain and Soybean futures were lower on Monday.

Toward the close and through Jly contracts, Soybean futures were 7¢ to 11¢ lower. Corn futures were fractionally lower to 2¢ lower. KC HRW Wheat futures were 3¢ to 5¢ lower.

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Major U.S. financial indices closed lower Monday with mixed inflation signals as investors awaited this week’s Fed decision about interest rates.

The Dow Jones Industrial Average closed 215 points lower. The S&P 500 closed 23 points lower. The NASDAQ was down 32 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 1.09 to $1.22 lower through the front six contracts.

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“As 2025 wraps up there is still little indication of significant heifer retention for herd rebuilding though some retention may be beginning slowly,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. 

Peel notes the July Cattle report showed the smallest beef replacement heifer inventory in the history of the report, going back to 1973. He adds that, compared to July, the percentage of heifers in feedlots was unchanged in the October Cattle on Feed report and remained above average, as it has since late 2018.

“It is true that heifer slaughter is down 6.6% so far this year and is falling faster than steer slaughter, which is down 4.4% for the year to date.  Average heifer slaughter peaked most recently in January 2023 and has declined 9.0% as of October 2025, Peel says. “Heifer slaughter is quite variable and does decrease during periods of herd expansion. However, at this point the decrease in heifer slaughter is not enough to indicate significant heifer retention.”

Listen to more of Peel’s market insights here.

Cattle futures continued higher Friday on positive fundamentals and the week’s higher cash fed cattle prices.

Live Cattle futures closed an average of $2.01 higher (95¢ to $5.70 higher).

Week to week on Friday, Live Cattle futures closed an average $7.80 higher ($6.50 higher to $11.57 higher in spot Dec). That’s an average of $12.02 higher in the last two weeks.

Feeder Cattle futures closed an average of $2.83 higher on Friday ($1.92 to $3.62 higher). Week to week on Friday, Feeder Cattle futures closed an average of $15.94 higher. That’s an average of $26.86 higher over the past two weeks.

Negotiated cash fed cattle trade was light on moderate to good demand in Nebraska through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $5 higher than earlier in the week at $225/cwt.

Trade in the western Corn Belt was limited on moderate demand. Although too few to trend, there were some FOB live trades at $220-$222.

For the week, FOB live prices were $10-$15 higher in Nebraska at $220-$225 and $10-$12 higher in the western Corn Belt at $220. Dressed delivered prices were $10-$15 higher in Nebraska at $340-$345 and $12-$15 higher in the western Corn Belt at $340-$345.

There was no reported established weekly trade in the Southern Plains. The previous week, FOB live prices were $215-$220 in the Texas Panhandle and mainly $220 in Kansas.

Choice boxed beef cutout value was $1.56 lower Friday afternoon at $361.20/cwt. Select was $2.93 lower at $347.39.

Week to week on Friday, Choice boxed beef cutout value was $5.62 lower and Select was $3.66 lower.

Estimated total cattle slaughter for the week of 600,000 head was 102,000 head more than the prior holiday-shortened week but 14,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 27.3 million head was 2.1 million head fewer (-7%) than the same time last year. Estimated year-to-date beef production of 23.9 billion pounds was 1.1 billion pounds less (-4.3%).

Turning to row crops, Grain and Soybean futures were mixed on Friday.

Soybean futures closed 9¢ to 14¢ lower on increasing confusion about the U.S. trade deal with China.

Corn futures closed 1¢ to 2¢ higher through Sep ‘26, and then fractionally mixed with spillover pressure from Soybeans.

KC HRW Wheat futures closed unchanged to 2¢ lower, except for 6¢ lower in spot Dec.

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Major U.S. financial indices eased higher on Friday, supported by a tamer inflation reading than expected. The Personal Consumption Expenditures Price Index was 2.8% higher year over year in September, according to the U.S. Commerce Department. That’s the latest data available, due to the government shutdown.

The Dow Jones Industrial Average closed 104 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 72 points.

West Texas Intermediate Crude Oil futures (CME) closed 41¢ to 50¢ higher through the front six contracts.

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USDA issued the monthly livestock slaughter report for October last week, delayed due to the government shutdown. Still, it provides some insight.

For instance, through the end of October steer and heifer slaughter led the overall decline in cattle slaughter, which was 6.7% less at the time, marking the third year of declining numbers, according to the Livestock Marketing Information Center (LMIC). Steer slaughter was 4.7% less year over year and heifer slaughter was 7%.

“Compared to prior troughs in slaughter around 2015, declines in heifer slaughter remain smaller than those observed then (2013-14: -8.6%; 2014-15: -13.2%),” LMIC analysts say in a recent Livestock Monitor. “Pullbacks in beef cow and bull slaughter have also been significant this year; beef cow slaughter is down 18.2% year over year to just below 2 million head, while bulls are down 10%.” For perspective, they explain beef cow slaughter

fell 17.9% from 2013-14 and 14.7% from 2014-15 for the January-October period.

Cattle futures were higher once again Thursday, buoyed by stronger cash fed cattle prices.

Toward the close, Live Cattle futures were an average of $1.43 higher. Feeder Cattle futures were an average of $3.60 higher, except for 40¢ lower in the back contract.

Negotiated cash fed cattle trade was moderate on moderate to good demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $220/cwt. and dressed delivered prices were $340. That was $10 higher in Nebraska and $10-$12 higher in the western Corn Belt.

Elsewhere, trade was inactive on light demand.

Last week, FOB live prices were $215-$220 in the Texas Panhandle and mainly $220 in Kansas.

Choice boxed beef cutout value was $1.09 lower Thursday afternoon at $362.72/cwt. Select was $2.80 lower at $350.32.

Grain and Soybean futures were higher on Thursday.

Toward the close and through Jly contracts,

Corn futures were 2¢ to 5¢ higher, helped by ethanol production.

KC HRW Wheat futures were 4¢ to 8¢ higher, as traders added more risk premium for the Russia-Ukraine conflict.

Soybean futures were 2¢ to 4¢ higher.

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Major U.S. financial indices closed little changed on Thursday.

The Dow Jones Industrial Average closed 31 points lower. The S&P 500 closed 7 points higher. The NASDAQ was up 51 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 49¢ to 73¢ higher through the front six contracts.

Cattle futures eased higher Wednesday amid chatter that cash fed cattle prices could improve this week.

Toward the close, Live Cattle futures were an average of 91¢ higher. Feeder Cattle futures were an average of $2.17 higher.

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

Last week, FOB live prices were $215-$220/cwt. in the Texas Panhandle, mainly $220 in Kansas, mostly $210 in Nebraska and mainly $208-$210 in the western Corn Belt. Dressed delivered prices were $330 in Nebraska and $328-$330 in the western Corn Belt.

Choice boxed beef cutout value was 91¢ lower Wednesday afternoon at $363.81/cwt. Select was $2.34 higher at $353.12.

Grain and Soybean futures were lower on Wednesday with likely profit taking.

Toward the close and through Jly contracts, Corn futures were mostly 6¢ to 7¢ lower. KC HRW Wheat futures were 3¢ lower. Soybean futures were 8¢ to 10¢ lower.

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Major U.S. financial indices closed higher Wednesday, with continued optimism about the Fed cutting interest rates this month. Some of the optimism came from the loss of jobs indicated in the November ADP National Employment Report^®. According to the report, private sector employment shed 32,000 jobs in November and pay was up 4.4% year over year.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” says Nela Richardson, ADP chief economist. “And while November’s slowdown was broad-based, it was led by a pullback among small businesses.”

November hiring was particularly weak in manufacturing, professional and business services, information, and construction, according to ADP.

The Dow Jones Industrial Average closed 408 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 40 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 32¢ to 47¢ higher through the front six contracts.

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Taking stock of global economic health, the latest Organisation for Economic Co-operation and Development (OECD) Economic Outlook suggests the global economy remained resilient this year in the face of trade uncertainty, although underlying fragilities remain.

The Outlook projects global growth slowing from 3.2% in 2025 to 2.9% in 2026, before picking up to 3.1% in 2027.

GDP growth in the United States is projected to decline from 2.0% in 2025 to 1.7% in 2026 and 1.9% in 2027. In the euro area, growth is expected to be 1.3% in 2025, 1.2% in 2026 and 1.4% in 2027. China’s growth is projected to ease from 5.0% in 2025 to 4.4% in 2026 and 4.3% in 2027.

Annual headline inflation in the G20 economies is expected to moderate to 2.9% and 2.5% in 2026 and 2027 respectively, from 3.4% this year. By mid-2027, inflation is projected to be back to target in most major economies.

Cattle futures surged higher Tuesday with little apparent cause other than oversold conditions and perhaps easing headline pressure, at least for the day.

Toward the close, Live Cattle futures were an average of $4.75 higher. Feeder Cattle futures were an average of $8.41 higher.

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

Last week, FOB live prices were $215-$220/cwt. in the Texas Panhandle, mainly $220 in Kansas, mostly $210 in Nebraska and mainly $208-$210 in the western Corn Belt. Dressed delivered prices were $330 in Nebraska and $328-$330 in the western Corn Belt.

Choice boxed beef cutout value was $4.17 lower Tuesday afternoon at $364.72/cwt. Select was $7.10 lower at $350.78.

Grain and Soybean futures were mixed on Tuesday.

Toward the close and through Jly contracts, Corn futures were 3¢ to 5¢ higher, helped along by strong demand.

KC HRW Wheat futures were 6¢ higher with traders likely adding some geopolitical risk.

Soybean futures were 3¢ to 4¢ lower as traders await confirmation of China making good on its deal to purchase more.

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Major U.S. financial indices were higher Tuesday, supported by cryptocurrency and AI stocks, which had led them lower the previous day.

The Dow Jones Industrial Average closed 185 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 137 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 69¢ to 73¢ lower through the front six contracts.

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Agricultural producer sentiment increased in November, according to the Purdue University/CME Group Ag Economy Barometer, which climbed 10 points from October to 139, its highest level since June.

The increase was driven primarily by increased producer optimism for the future, as the Future Expectations Index climbed 15 points to 144, while the Current Conditions Index dipped 2 points to 128.

“Producers became more optimistic about U.S. agricultural trade prospects in November. That coincided with a rise in crop prices, which led to farmers’ improved expectations for their farms’ financial performance and an improvement in farmer sentiment,” says Michael Langemeier, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture.

The Farm Financial Performance Index increased by 14 points to 92 in November. The percentage of producers expecting better financial results this year grew to 24%, up from 16% in October.

Producers were also more optimistic about future agricultural trade prospects in November. In response to a question included in every barometer survey since January 2019, just 7% of respondents said they expect U.S. agricultural exports to weaken over the next five years, down from 14% in October and 30% in March.

Cattle futures tried to hold recent gains Monday but were mostly lower as traders began the new week and month.

Toward the close, Live Cattle futures were an average of $1.21 lower (15¢ lower to $2.07 lower). Feeder Cattle futures were an average of $1.68 lower, except for an average of 58¢ higher in three contracts.

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

Last week, FOB live prices were $4-$9 lower in the Texas Panhandle at $215-$220/cwt., mostly $2-$4 lower in Kansas at mainly $220, mostly $8 lower in Nebraska at mainly $210 and $7-$8 lower in the western Corn Belt at mostly $208-$210. Dressed delivered prices were $10-$15 lower in Nebraska at $330 and $12-$17 lower in the western Corn Belt at $328-$330.

The five-area direct weighted average FOB live fed steer price last week was $5.88 lower at $211.52. The five-area direct weighted average dressed delivered fed steer price was $13.98 lower at $329.38.

Choice boxed beef cutout value was $2.07 higher Monday afternoon at $368.89/cwt. Select was $6.83 higher at $357.88.

Corn and Soybean futures were lower Monday on likely profit taking.

Toward the close and through Jly contracts, Corn futures were 2¢ lower. KC HRW Wheat futures were fractionally lower to 6¢ lower. Soybean futures were 8¢ to 10¢ lower.

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Major U.S. financial indices sagged lower Monday, pressured by cryptocurrency and AI stocks.

The Dow Jones Industrial Average closed 427 points lower. The S&P 500 closed 36 points lower. The NASDAQ was down 89 points.

Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 84¢ to 91¢ higher through the front six contracts.

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Derrell Peel, Extension livestock marketing specialist at Oklahoma State University emphasizes the same fundamentals exist today as before the government shutdown and before the federal government’s announced intention to lower beef prices.

“The October and November Cattle on Feed reports show continued slow erosion of feedlot inventories with placements and marketings showing a more dramatic picture of tight cattle supplies,” Peel explains, in his weekly market comments. “October placements were the lowest in the data series back to 1996 and the 12-month moving average of placements shows that average feedlot placements the past year have been the lowest since July 2016.” 

Similarly, Peel says October feedlot marketings were the lowest for the month since 2015 and feedlot inventories have declined for 12 consecutive months. He explains feedlot inventories are expected to continue decreasing with smaller feeder cattle supplies, the absence of Mexican feeder imports and heifer retention still ahead.

“Steer and heifer carcass weights are higher again this year but not enough to offset declining slaughter,” Peel says.  “Fed beef production is down 2.7% so far this year and, combined with an 8.2% year-over-year decrease in non-fed beef production, leads to a decrease in total beef production of 3.6% year over year.” He notes beef production has been 5.8% less year over year for the past 24 weeks.

Cattle futures extended gains in the holiday-shortened trading session on Friday, supported by stronger cash fed cattle prices at the end of the week and more confidence in the ability of other Nebraska packers to pick up the slack from the plant closure in Lexington (see below). Apparently, some traders also were heartened by the U.S. Agriculture Secretary’s comments earlier in the week suggesting the southern border will reopen on a staggered basis to Mexican cattle imports when it does reopen.

Live Cattle futures closed an average of $5.15 higher. Feeder Cattle futures closed an average of $8.59 higher.

Negotiated cash fed cattle trade was moderate on moderate to good demand in the Texas Panhandle through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $220/cwt., which was $5 higher than earlier in the week but $4 lower than a week earlier.

Trade in Kansas was moderate on good demand. FOB live prices were mostly $2-$4 lower at mainly $220.

In the western Corn Belt, trade was limited on moderate demand. Although too few to trend, there were some FOB live sales at $215. For the week, FOB live prices were $7-$8 lower at $208-$210. Dressed delivered prices were $12-$17 lower at $328-$330.

Trade in Nebraska was inactive on light to moderate demand. For the week, FOB live prices were mostly $8 lower at mainly $210. Dressed delivered prices were $10-$15 lower at $330.

Choice boxed beef cutout value was $1.46 lower Friday afternoon at $366.82/cwt. Select was $4.46 lower at $351.05.

Estimated total cattle slaughter last week of 501,000 head was 84,000 head fewer than the previous week and 32,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 26.7 million head was 2 million head fewer (-7.1%) than the same time last year. Year-to-date estimated beef production of 23.3 billion pounds was 1.1 billion pounds less (-4.4%).

Corn and Soybean futures continued higher Friday, supported by positive demand, including Chinese soybean purchases.

Corn futures closed 2¢ to 3¢ higher. Soybean futures closed 4¢ to 8¢ higher through May ‘27. KC HRW Wheat futures closed mostly fractionally lower to 2¢ lower.

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Major U.S. financial indices closed higher Friday, buoyed by tech stocks and growing optimism that the Fed will cut interest rates this month.

The Dow Jones Industrial Average closed 289 points higher. The S&P 500 closed 36 points higher. The NASDAQ was up 150 points.

West Texas Intermediate Crude Oil futures (CME) closed 10¢ to 24¢ lower through the front six contracts.

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Although disrupted by the holiday, fundamental footing appeared to resume in Cattle futures last week.

Live Cattle futures closed an average $4.22 higher week to week on Friday. Feeder Cattle futures closed an average of $10.92 higher.

That was after the mostly limit-down session to start the week as traders reacted to Tyson’s reduced packing capacity. Various reports toward the end of the week suggested recently built packing capacity can absorb the losses, besides the fact that cattle numbers continue to decline.

Although negotiated cash fed cattle prices continued lower last week, they showed signs of strengthening toward the end of the week. For perspective, FOB live prices declined $16.66/cwt. from the week ending Oct. 13 to the week ending Nov. 23 at $217.41. Dressed delivered fed steer prices were down $19.16 during the same period at $343.36.

Wholesale beef prices continued to languish, with Choice boxed beef cutout value $4.66 lower week to week on Friday and select down $5.93. However, seasonal strength should begin appearing as the calendar turns to December.

Cash calf and feeder cattle prices continued their spiral last week, pressured by the massive volatility and market uncertainty mostly wrought by politics.

The CME Feeder Cattle Index was $19.20 lower week to week on Thursday at $321.96. That was $54.19 lower than the recent high on Oct. 16.