Cattle futures firmed on Friday and closed higher week to week, despite the decline in cash fed cattle prices.
Live Cattle futures closed an average of 47¢ higher. Feeder Cattle futures closed an average of $1.09 higher.
Week to week on Friday, Live Cattle futures closed an average of 96¢ higher (7¢ to $1.57 higher), except for an average of 21¢ lower in two nearby contracts. Feeder Cattle futures closed an average of 2.20 higher week to week.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in Kansas to light on light demand elsewhere through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
For the week, FOB live prices were $4 lower in the Southern Plains at $199/cwt. and $3.00 to $3.50 lower in Nebraska at $199.50 to $200. Dressed delivered prices in Nebraska were $5-$6 lower at $315.
The previous week, FOB live prices were $203 in the western Corn Belt, where dressed delivered prices were $320-$321.
Choice boxed beef cutout value was $1.86 lower Friday afternoon at $310.77/cwt. Select was 62¢ lower at $302.56. Week to week, Choice was $3.93 lower and Select was $4.58 lower.
Estimated total cattle slaughter last week of 563,000 head was 2,000 head more than the previous week but 27,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 4.4 million head was 379,000 fewer (-8.0%) than the same period a year earlier. Estimated year-to-date beef production of 3.8 billion pounds was 144.6 million pounds less (-3.6%).
Grain and Soybean futures were mixed Friday.
Corn futures closed 4¢ to 7¢ lower through Jly ’26 and then mostly 1¢ to 3¢ lower. Kansas City Wheat futures closed 1¢ to 3¢ higher. Soybean futures closed 4¢ to 6¢ lower through near Aug and then mostly 1¢ lower.
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Major U.S. financial indices closed lower again Friday, amid dimming consumer confidence.
The Dow Jones Industrial Average closed 748 points lower. The S&P 500 closed 104 points lower. The NASDAQ was down 438 points.
West Texas Intermediate Crude Oil futures on the CME were $1.87 to $2.08 lower through the front six contracts.
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Markets will likely view Friday’s Cattle on Feed report as neutral with fewer placements than expected but also fewer marketings.
Feedlots with 1,000 head or more capacity placed 1.8 million head in January, which was 1.7% more year over year but 1.3% less than expected.
In terms of placement weights, 42% went on feed weighing 699 lbs. or less, 48% weighing 700-899 lbs. and 10% weighing 900 pound or more.
Marketings in January of 1.9 million head were 26,000 head more (+1.4%) year over year and 0.8% less than expected.
Cattle on feed Feb. 1 of 11.7 million head were 81,000 head fewer (-0.7%) than the same time last year. Also of note, there were 3% fewer heifers and heifer calves on feed at the beginning of the year than last year.