Cattle futures were mixed on Friday, ahead of the monthly Cattle on Feed report (see below) and amid light holiday trade.
Feeder Cattle futures closed an average of $1.39 higher (97¢ to $2.07 higher). Week to week on Friday, Feeder Cattle futures closed an average of $3.91 higher ($1.85 higher at the front to $5.45 higher at the back). That’s an average of $10.59 higher over the past two weeks.
Live Cattle futures closed narrowly mixed, from an average of 23¢ lower in the front three contracts to an average of 18¢ higher. Week to week on Friday, they closed an average of 56¢ higher (7¢ to $1.83 higher), except for an average of 78¢ lower in near Feb and Apr.
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 Southern Plains at $171/cwt., $3-$4 higher in Nebraska at $171-$172 and $1-$3 higher in the western Corn Belt at $170. Dressed delivered prices were $2-$3 higher in Nebraska at $270 and $3 higher in the western Corn Belt at $270.
Choice boxed beef cutout value was $1.80 higher Friday afternoon at $292.93/cwt. Select was 12¢ lower at $261.15/cwt.
Turning to row crops, the U.S. reopened key rail bridges connecting the nation and Mexico, which should support grain futures next week.
Corn futures closed mostly fractionally higher to 1¢ higher.
KC HRW Wheat futures closed mostly fractionally higher, except for 1¢ to 3¢ lower in the front three contracts.
Soybean futures closed mostly 3¢ to 5¢ higher through Sep ’25 and then mostly 7¢ to 8¢ higher.
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Major U.S. financial indices closed little changed Friday.
The Dow Jones Industrial Average closed 18 points lower. The S&P 500 closed 8 points higher. The NASDAQ was up 29 points.
West Texas Intermediate Crude Oil futures (CME) closed 33¢ to 46¢ lower through the front six contracts.
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Depending on what the markets factored in ahead of time, Friday’s monthly Cattle on Feed report could be viewed as bearish with more placements than expected once again.
For feedlots with 1,000 head or more capacity, November placements of 1.9 million head were 1.9% less than a year earlier (-37,000 head), but that was 2.2% more than estimates ahead of the report.
In terms of placement weights, 53% went on feed weighing 699 lbs. or less, 35% weighing 700-899 lbs. and 12% weighing 900 lbs. or more.
Marketings in November of 1.8 million head were 7.4% less year over year (140,000 head), compared to pre-report estimates of 6.7% less.
Cattle on feed Dec. 1 of 12.0 million head were 2.7% more than last year (+313,000 head), which was 0.5% more than expectations ahead of the report.