Cattle Current Daily—Dec. 2, 2024

Cattle Current Daily—Dec. 2, 2024

Cattle futures closed mainly higher Friday, with week-to-week gains supported by stronger cash fed cattle prices and wholesale beef values.

Feeder Cattle futures were an average of $1.24 higher. Week to week, they were an average of $4.60 higher; an average of $11.51 higher over the past two weeks.

Live Cattle futures were an average of 51¢ higher (2¢ to 75¢ higher), except for 2¢ lower in spot Dec. Week to week they were an average of $1.19 higher.

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

For the week, FOB live prices were $2-$3 higher in the Texas Panhandle at $190/cwt., $3-$4 higher in Kansas at $190, $3-$4 higher in Nebraska at $190-$192 and $2-$5 higher in the western Corn Belt at $185-$190. Dressed delivered prices were $5 higher in Nebraska at $290 and $4-$5 higher in the western Corn Belt at $294-$305.

Choice boxed beef cutout value was 74¢ lower Friday afternoon at $310.52/cwt. Select was unchanged at $274.30. Week to week, Choice was $3.11 higher and Select was up $2.23.

Year-to-date estimated total cattle slaughter last week of 28.7 million head was 1.1 million head less (-3.6%) than the same time last year. Year-to-date estimated beef production was 110.5 million pounds less (-0.5%).

Grain and Soybean futures closed mixed Friday.

Corn futures closed 3¢ to 7¢ higher through Jly ’25 and then mostly fractionally higher to 1¢ higher.

Kansas City Wheat futures closed mostly 2¢ to 5¢ lower.

Soybean futures closed mostly 2¢ to 3¢ lower.

******************************

Major U.S. financial indices ended the week and month on a positive note at the end of the holiday-shortened trading session Friday.

The Dow Jones Industrial Average closed 188 points higher. The S&P 500 closed 33 points higher. The NASDAQ was up 157 points.

West Texas Intermediate Crude Oil futures on the CME were 51¢ lower to 72¢ lower through the front six contracts.

******************************

Creighton University’s Rural Mainstreet Index (RMI) rose 15 points month to month in November to 50.2. That was the first time the RMI was above growth neutral since July 2023.

“Yields have been healthy across the region and have offset some of the weakness in farm commodity prices,” says Ernie Goss, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business. “Likewise, lower fuel costs and lower short-term interest boosted the modest improvement in farm conditions for the month. Even so, more than eight of 10 bankers see lower ag commodity prices as the greatest threat to the farmer.”

Among other RMI highlights…

  • Farmland prices sank for the sixth time in the past seven months. On average, bank CEOs expect farmland prices to decline by 2.7% over the next 12 months.

“Elevated interest rates and higher input costs, along with below-breakeven grain prices, have significantly reduced farmer demand for ag land,” according to Goss.

  • The farm equipment sales index slumped to 14.6, its lowest level since October 2016.

“This is the 16th straight month that the index has fallen below growth neutral. High borrowing costs, tighter credit conditions and weak farm commodity prices are having a negative impact on the purchases of farm equipment,” Goss says.

  • Rural bankers remain pessimistic about economic growth for their area over the next six months. However, the November confidence index increased to 46.4, its highest level since March 2022.

The RMI is based on a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

2024-12-01T13:56:45-06:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.