Cattle Current Daily—Dec. 17, 2024

Cattle Current Daily—Dec. 17, 2024

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

Last week, FOB live prices were $1 higher in the Texas Panhandle at $191-$192/cwt, steady in Kansas at $191, $4-$6 higher in Nebraska at $196 and $3-$4 higher in the western Corn Belt at $193-$196. Dressed delivered prices were $3-$8 higher in Nebraska at $300-$305 and $5-$8 higher in the western Corn Belt at $302-$305.

The weighted average five-area direct FOB live fed steer price last week was $3.41 higher at $194.31/cwt. The weighted averaged dressed delivered fed steer price was $6.23 higher at $297.21.

Choice boxed beef cutout value was 98¢ higher Monday afternoon at $317.37/cwt. Select was $5.71 higher at $289.57.

Cattle futures closed lower Monday with likely profit taking.

Toward the close, Feeder Cattle futures were an average of $1.37 lower. Live Cattle futures closed mixed, from an average of 75¢ lower across a broad range with most of the pressure in the front three contracts.    

Grain and Soybean futures were mixed Monday.

Toward the close and through Sep ’25 contracts,

Corn futures were 1¢ to 3¢ higher. Kansas City Wheat futures were fractionally lower to 1¢ higher. Soybean futures were 5¢ to 8¢ lower

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Major U.S. financial indices closed mixed Monday with the most support from tech stocks.

The Dow Jones Industrial Average closed 110 points lower. The S&P 500 closed 22 points higher. The NASDAQ was up 247 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 60¢ to 71¢ lower through the front six contracts.

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Currently-suspended cattle imports to the U.S. from Mexico — due to New World Screwworm — helped fuel feeder steer price expectations in the latest monthly Livestock, Dairy and Poultry Outlook, compared to the previous month.

USDA’s Economic Research Service (ERS) increased the forecast feeder steer price by $5/cwt. in the fourth quarter of this year to $259. The annual average 2024 price increased $1.25 to $252.09. Those prices are basis 750-800 lb. Medium and Large No. 1 steers selling at Oklahoma City.

ERS increased next year’s projected feeder steer price by $13-$17 in the first three quarters to $265 in the first quarter, $270 in the second and $275 in the third. The projected annual average price for 2025 increased $14.50 to $272.50.

ERS analysts emphasize the projections are based on the border closure remaining in place, as there is no current date established for trade resumption.

As reported in Cattle Current last week, ERS elevated the month-to-month forecast fed steer price for 2025 in the December World Agricultural Supply and Demand Estimates.

ERS left the first-quarter price unchanged at $188 but increased price projections by $2 in the second quarter to $189 and by $6 in the third quarter to $192 with an annual average price $3 higher at $191.

2024-12-16T18:29:15-06:00

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