Daily Market Highlights

Feeder Cattle futures gained on Monday, due in part to USDA’s temporary suspension of imports and transit of live cattle from Mexico after the positive detection of New World screwworm in that nation (see below).

Toward the close, Feeder Cattle futures were an average of $1.13 higher, except for 45¢ lower in the back contract. Live Cattle futures were narrowly mixed: unchanged to an average of 27¢ lower through the front four contracts and then an average of 23¢ higher.

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

Last week, FOB live prices were $1 higher in the Texas Panhandle at $186/cwt., $1-$2 higher in Kansas at $186-$187, $2-$3 higher in Nebraska at $187-$188 and $1-$3 higher in the western Corn Belt at $186-$188. Dressed delivered prices were steady at $290 in Nebraska and $290-$300 in the western Corn Belt.

The five-area direct weighted average FOB fed steer price last week was $1.60 higher at $186.39/cwt. The weighted average dressed delivered steer price was 72¢ higher at $291.56.

Choice boxed beef cutout value was $2.30 higher Monday afternoon at $309.71/cwt. Select was $1.67 higher at $273.74.

Toward the close and through Sep ’25 contracts, Corn futures were mostly 2¢ lower. Kansas City Wheat futures were mostly 6¢ to 8¢ lower. Soybean futures were 2¢ higher.

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Major U.S. financial indices continued higher Monday.

The Dow Jones Industrial Average closed 440 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 51 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.84 to $2.16 higher through the front six contracts.

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USDA announced the temporary suspension of imports and transit of live cattle from Mexico to the United States after the Chief Veterinary Officer of Mexico notified the Animal and Plant Health Inspection Service (APHIS) of a positive detection of New World screwworm (NWS) in Mexico. The NWS was found in a cow in the southern Mexico state of Chiapas, at an inspection checkpoint close to the border with Guatemala. NWS are fly larvae that infest living tissue of warm-blooded animals, causing infection. NWS was eradicated from the U.S. in 1966.

“Given the northward movement of NWS, APHIS has in recent months stepped up its efforts in Central America to partner with impacted countries to push this pest out of newly affected areas,” says Dr. Rosemary Sifford, Chief Veterinary Officer of the United States. “With this latest find in Mexico, we will further intensify this work to protect American agriculture and reestablish the barrier in Central America.”

NWS maggots can infest livestock and other warm-blooded animals, including people.

“They most often enter an animal through an open wound and feed on the animal’s living flesh,” according to APHIS. “While they can fly much farther under ideal conditions, adult flies generally do not travel more than a couple of miles if there are suitable host animals in the area…

“APHIS is working with partners in Mexico and Central America to stop the spread of NWS into the United States and asking all producers along the southern border to watch their livestock and pets for signs of NWS and immediately report potential cases.”

Visit APHIS for more details.

Negotiated cash fed cattle trade was slow on light to moderate demand in all regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 higher in the Texas Panhandle at $186/cwt., $1-$2 higher in Kansas at $186-$187, $2-$3 higher in Nebraska at $187-$188 and $1-$3 higher in the western Corn Belt at $186-$188. Dressed delivered prices were steady in Nebraska at $290. The previous week dressed delivered prices in the western Corn Belt were $290-$300.

Choice boxed beef cutout value was 62¢ higher Friday afternoon at $307.41/cwt. Select was 85¢ lower at $272.07. Week to week on Friday, Choice was $4.07 higher, but Select was $4.07 lower.

Estimated total cattle slaughter last week of 631,000 head was 25,000 head more than the previous week. Year-to-date estimated total cattle slaughter of 28.2 million head was 975,000 head fewer (-3.3%) than the same period last year. Year-to-date beef production of 23.9 billion pounds was 27.8 million pounds fewer (-0.1%) than the same time last year.

Cattle futures continued higher Friday, bolstered by the week’s firmer Choice wholesale beef value and steady to stronger cash fed cattle prices.

Feeder Cattle futures closed an average of $1.08 higher on Friday and were an average of $6.91 higher week to week.

Live Cattle futures closed an average of 48¢ higher Friday. Week to week, they were an average of $3.06 higher.

Grain and Soybean futures continued lower Friday.

Corn futures were mostly fractionally lower to 1¢ lower. Kansas City Wheat futures were mostly 2¢ lower. Soybean futures closed 4¢ to 7¢ higher through Nov ‘25 and then mostly 2¢ higher.

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Major U.S. financial indices closed higher again Friday.

The Dow Jones Industrial Average closed 426 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 31 points.

West Texas Intermediate Crude Oil futures on the CME closed 85¢ to $1.14 higher through the front six contracts.

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Markets will likely view the latest USDA Cattle on Feed report as neutral to slightly bearish with more placements than expected.

Feedlots with 1,000 head or more capacity placed 2.3 million head in October which was 5.3% more year over year and about 2% more than expectations.

In terms of placement weights, 47% went on feed weighing 699 lbs. or less, 40% weighing 700-899 lbs. and 13% weighing 900 lbs. or more.

Marketings in October of 1.8 million head were 4.7% more year over year, which was in line with expectations.

Cattle on feed Nov. 1 of 11.99 million head was 0.3% more than the same time last year, also in line with expectations ahead of the report.

Negotiated cash fed cattle trade ranged from slow on light demand in the North to a standstill in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. There were some dressed delivered sales in Nebraska at $290/cwt., which was steady with last week.

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was 40¢ higher Thursday afternoon at $306.79/cwt. Select was $1.93 higher at $272.92.

Toward the close, Feeder Cattle futures were an average of 80¢ higher with continued support from improved winter grazing prospects. Live Cattle futures were an average of 23¢ lower with likely pressure from positioning ahead of Friday’s monthly Cattle on Feed report.

Grain and Soybean futures were lower Thursday with pressure including the higher U.S. dollar.

Toward the close and through Sep ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 6¢ to 7¢ lower. Soybean futures were 9¢ to 12¢ lower.

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Major U.S. financial indices closed higher Thursday.

The Dow Jones Industrial Average closed 461 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 6 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 96¢ to $1.38 higher through the front six contracts.

Cattle futures continued higher Tuesday, helped along by this week’s firmer Choice wholesale beef values.

Toward the close, Live Cattle futures were an average of $1.50 higher. Feeder Cattle futures were an average of $2.43 higher.

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

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290 in Nebraska and $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was $1.51 higher Tuesday afternoon at $308.79/cwt. Select was $3.54 lower at $271.91.

Grain and Soybean futures closed higher Friday as traders appeared to apply more risk premium based on Russia’s war with Ukraine.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 2¢ lower. Kansas City Wheat futures were 2¢ higher. Soybean futures were 7¢ to 11¢ lower.  

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Major U.S. financial indices closed mixed again Tuesday with tech stocks leading gains once again.

The Dow Jones Industrial Average closed 120 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 195 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME was marginally higher through the front six contracts.

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Analysts with the Livestock Marketing Information Center (LMIC) provide regional price perspective for steers weighing 700-800 lbs., in the latest Livestock Monitor.

“The Billings, MT weekly auction data reported last week’s feeder steer price at $264/cwt., which is slightly better than where prices were a few months ago. Prices have been ranging from about $250 to $280 since the start of the year,” LMIC analysts say.

In South Dakota, they explain last week’s feeder steer price was $265/cwt. with prices ranging from about $250 to $280 since July.

“Feeder cattle prices in Nebraska peaked at $295 in mid-July; since then prices have been ranging from $260 to $274, and last week were $267,” according to LMIC analysts.

In the Kansas and Oklahoma, they explain feeder steer prices ranged from about $246 to $270 since March, and last week’s price was $257.

For further perspective, and for steers weighing 600-700 lbs., average prices last week were $31.52 higher year over year in the North Central Region at $290.17/cwt., $27.17 higher in the South Central region at $266.56 and $28.64 higher in the Southeast at $252.41, according to USDA’s  National Weekly Feeder and Stocker Cattle Summary.

Cattle futures extended gains Monday, led once again by Feeder Cattle and underpinned by strong cash demand for calves and feeder cattle.

Toward the close, Feeder Cattle futures were an average of $2.41 higher.

Live Cattle futures were an average of $1.18 higher.

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

Last week, FOB live prices were $185/cwt., in all regions. Dressed delivered prices were $290 in Nebraska and $290-$300 in the western Corn Belt.

Choice boxed beef cutout value was $3.94 higher Monday afternoon at $307.28/cwt. Select was 69¢ lower at $275.45.

Grain and Soybean futures closed higher Friday as traders appeared to apply more risk premium based on Russia’s war with Ukraine.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally higher to 5¢ higher. Kansas City Wheat futures were 12¢ to 14¢ higher. Soybean futures were 8¢ to 11¢ higher.

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Major U.S. financial indices closed mixed Monday with tech stocks earning the strongest support.

The Dow Jones Industrial Average closed 55 points lower. The S&P 500 closed 23 points higher. The NASDAQ was up 111 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $2.16 to $2.29 higher through the front six contracts.

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Agricultural lenders expect 58% of borrowers to be profitable this year compared to 78% last year, according to the 2024 Ag Lender Survey report produced jointly by the American Bankers Association and the Federal Agricultural Mortgage Corporation, more commonly known as Farmer Mac. The combination of lower export demand for U.S. agricultural goods and the rebound of global inventories has put significant downward pressure on global commodity prices and U.S. farm incomes, according to the report released last week at the ABA Agricultural Bankers Conference in Milwaukee. However, profitability expectations varied by region and major commodity types, with livestock producers garnering more optimism from lenders than crop growers.

Among other report highlights:

*Farmland values continued to rise in 2024, albeit at a slower pace than in previous years. However, regional differences abound, and headwinds have grown in many areas. As a result, most lenders expect land values and cash rents may plateau or decline over the next year.

*Unsurprisingly, liquidity and farm income remained atop the list of lender concerns for producers. Meanwhile, lenders expressed less concern this year about inflation, weather and many other factors affecting producers.

*Concern levels spiked in 2024 for several sectors, including grains, fruits and tree nuts. On the other hand, concern levels dropped for dairy, beef and poultry. The changes largely reflect how the farm income outlook has shifted within each sector over the past year.

Feeder Cattle futures closed an average of $3.16 higher on Friday, leading the complex higher. Week to week on Friday, they closed an average of $5.58 higher, buoyed by lower Corn futures and strong cash demand in the country with added support from recent rains in wheat pasture country.

Live Cattle futures were an average of 73¢ higher, except for unchanged in spot Dec. Week to week on Friday, they closed an average of $1.39 higher, except for an average of 40¢ lower in the front two contracts.

That was despite weaker negotiated cash fed cattle prices.

For the week, FOB live prices were $185/cwt., which was $2 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $3 lower in the western Corn Belt. Dressed delivered prices were $4 lower at $290.

Choice boxed beef cutout value was 46¢ lower Friday afternoon at $303.34/cwt. Select was 52¢ lower at $276.14.

Total estimated cattle slaughter last week of 606,000 head was 13,000 head fewer than the previous week and 33,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 27.6 million head was 1.1 million head fewer (-3.7%) than the same period last year. Year-to-date estimated beef production of 23.4 billion pounds was 125.7 million pounds less (-0.5%).

Grain and Soybean futures closed higher Friday on likely corrective buying.

Corn futures closed 2¢ to 5¢ higher through Jly ’25 and then 2¢ to 3¢ higher. Kansas City Wheat futures closed 4¢ to 8¢ higher. Soybean futures closed mostly 5¢ to 8¢ higher.

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Major U.S. financial indices closed lower again Friday as investors appeared to grow skittish about the path of interest rate cuts and potential policy shifts with the new administration.

The Dow Jones Industrial Average closed 305 points lower. The S&P 500 closed 78 points lower. The NASDAQ was down 427 points.

West Texas Intermediate Crude Oil futures on the CME closed $1.39 to $1.68 lower through the front six contracts.

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USDA’s Economic Research Service (ERS) bumped this year’s forecast annual feeder steer price slightly higher, and next year’s annual average price slightly lower in the November Livestock, Dairy and Poultry Outlook.

For feeder steers weighing 750-800 lbs., selling at Oklahoma City, ERS projected prices $1 higher in the fourth quarter at $254/cwt. for annual average price of $250.84, which was 25¢ more than the previous month’s estimate.

“Weekly cattle prices have rebounded from September’s relative lows to establish new highs for October and November,” according to ERS analysts. “They are forecast to continue elevated through 2025, reflecting recent price data and changes to the timing of cattle placements and marketings.”

For 2025, ERS left projected feeder steer prices steady in the first quarter at $248. Forecast prices increased $3 in the second quarter to $257 but decreased $3 in the third quarter to $260 for an annual average price of $258, which was 75¢ less than the prior month’s estimate.

“Earlier this year, it was expected that the number of cattle on feed would shrink year over year in the second half of 2024, based on smaller inventory levels at the beginning of the year, and that year-over-year higher calf prices would result in retention of heifers, limiting numbers in the

Feedlot,” ERS analysts explain. “However, the USDA October Cattle on Feed report estimated the Oct. 1 feedlot inventory at 11.6 million head, nearly flat from the same month last year. Feedlot net placements in September were 2% lower year over year at 2.1 million head. Placements more than offset marketings in September, which registered 1.7 million head, up 2% year over year. As a result, the number of cattle on feed on Oct. 1 has been relatively flat since 2021 despite declining cattle inventories since 2019.”

Combined with fewer year-over-year marketings, they note the number of cattle on feed for more than 150 days is higher year over year.

Negotiated cash fed cattle trade was slow on light to moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service. Based on the latest established trends, FOB live prices are $1-$2 lower in Nebraska at $185/cwt. and $3 lower in the western Corn Belt at $182-$185. Dressed delivered prices are $4 lower at $290.

Trade was limited on light demand in the Southern Plains. Although too few to trend, there were some early FOB live trades at $185. Prices last week were $187.

Choice boxed beef cutout value was $3.14 lower Thursday afternoon at $303.80/cwt. Select was $2.00 lower at $276.66.

Cattle futures were mostly lower Thursday, pressured by lower cash fed cattle prices and sluggish wholesale beef values.

Toward the close, Live Cattle futures were an average of 95¢ lower.

Feeder Cattle futures were an average of 56¢ lower, except for $1.22 higher in spot Nov and unchanged at the back.

Grain and Soybean futures were lower Thursday, with pressure from the stronger U.S. Dollar and positive growing conditions.

Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 7¢ lower. Kansas City Wheat futures were 6¢ to 8¢ lower. Soybean futures were 14¢ to 19¢ lower.

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Major U.S. financial indices were lower Thursday. Besides potential rally fatigue, the results of the latest Consumer Price Index, though expected, continue reflecting stubborn inflation.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in October, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.6% before seasonal adjustment.

The Dow Jones Industrial Average closed 207 points lower. The S&P 500 closed 36 points lower. The NASDAQ was down 123 points

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 13¢ to 23¢ higher through the front six contracts.

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.