Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, based on the latest established trade, FOB live prices were $230/cwt., which was $5 higher in Kansas, $5-$10 higher in Nebraska, and $10 higher in the western Corn Belt. Dressed delivered prices in Nebraska were $10-$15 higher at $355.
Dressed delivered prices in the western Corn Belt the previous week were $340-$345. Two weeks earlier, FOB live prices in the Texas Panhandle were $215-$220.
Choice boxed beef cutout value was 67¢ lower Friday afternoon at $357.44/cwt. Select was 76¢ higher at $344.22.
Estimated total cattle slaughter last week of 596,000 head was 4,000 head fewer than the previous week and 14,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 27.9 million head was 2.1 million head fewer (-6.9%). Year-to-date estimated beef production of 24.4 billion pounds was 1.1 billion pounds less (-4.2%) than the same time last year.
Cattle futures settled lower Friday on likely profit taking and week-end positioning.
Live Cattle futures closed an average of $1.28 lower.
Feeder Cattle futures closed an average of $3.36 lower.
Soybean futures led the grain complex lower Friday, with lingering uncertainty over the trade deal with China. Soybean futures were 10¢ to 16¢ lower through Nov. ’26 and then 8¢ to 9¢ lower.
Corn futures were 2¢ to 5¢ lower through Jly ‘27. KC HRW Wheat futures were 3¢ lower through Jly ’27, after 16¢ lower in spot Dec.
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Major U.S. financial indices closed lower Friday, led by tech stocks.
The Dow Jones Industrial Average closed 245 points lower. The S&P 500 closed 73 points lower. The NASDAQ was down 398 points.
West Texas Intermediate Crude Oil futures (CME) closed 16¢ to 32¢ lower through the front six contracts.
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U.S. beef exports continued to lose ground in September, according to delayed USDA data compiled by the U.S. Meat Export Federation (USMEF). Exports for the month of 80,835 metric tons were 22% less year over year and the least since June 2020. Export value of $660.9 million, also down 22% and the lowest since February 2021. Even when excluding China, beef export volume fell 11% year-over-year, due in part to lower production.
January-September beef exports totaled 856,023 mt, down 11% from a year ago (and down 4% when excluding China). Export value was down 10% to $7.03 billion.
While U.S. pork exports held steady in September, Dan Halstrom, USMEF president and CEO says, “The situation is obviously much more challenging on the beef side, primarily due to the ongoing impasse with the Chinese government, which continues to ignore its commitments under the U.S.-China Phase One Agreement. U.S. industry losses continue to mount as a result of this lockout, and relief simply cannot come soon enough.”
The Office of the U.S. Trade Representative (USTR) is conducting a Section 301 investigation of China’s implementation of the U.S.-China Economic and Trade Agreement, popularly known as the Phase One Agreement, with a public hearing set for Tuesday, Dec. 16. USMEF submitted comments to USTR detailing China’s failure to meet its Phase One commitments on red meat trade.