Cattle Current Daily—Jan. 20, 2025

Cattle Current Daily—Jan. 20, 2025

Negotiated cash fed cattle trade ranged from mostly inactive on light demand in the Southern Plains to light to moderate on light to moderate demand in the North through Friday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 higher in the Texas Panhandle at $201/cwt., steady to $1 higher in Kansas at $201, unevenly steady in Nebraska at $203-$205 and $1-$3 higher in the western Corn Belt at $203-$206. Dressed delivered prices were $2 higher in Nebraska at $322 and steady to $2 higher in the western Corn Belt at $320-$322.

Choice boxed beef cutout value was 28¢ higher Friday afternoon at $333.69/cwt. Select was 45¢ higher at $319.83. Week to week, Choice was 85¢ higher and Select was $5.69 higher.

Estimated total cattle slaughter last week was 603,000 head, which was 14,000 head more than the previous week but 2,000 head fewer than the same week last year. Year-to-date total cattle slaughter of 1.5 million head was 219,000 head fewer (-12.9%) than the same period a year earlier. Estimated year-to-date beef production of 1.3 billion pounds was 138.2 million pounds less (-9.7%).

Cattle futures closed narrowly mixed Friday, perhaps with some positioning on the long weekend.

Feeder Cattle futures closed an average of 38¢ lower, except for an average of 19¢ higher in the front two contracts. Live Cattle futures closed from an average of 29¢ lower in six contracts to an average of 15¢ higher.

Week to week on Friday, Feeder Cattle futures closed an average of $2.34 lower, except for $1.15 higher in spot Jan. Live Cattle futures were an average of $1.56 lower

Corn and Soybean futures were mixed Friday.

Corn futures closed 8¢ to 10¢ higher through old-crop contracts on tighter stocks relative to demand, then mostly 2¢ to 3¢ higher. Week to week, they were an average of 12’4¢ higher through old-crop contracts; up an average of 33¢ over the past two weeks.

Kansas City Wheat futures closed mostly unchanged to fractionally lower on Friday. Soybean futures closed 10¢ to 15¢ higher through near Aug, and then 1¢ to 7¢ higher.

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Major U.S. financial indices closed higher Friday with the week’s tamer inflation readings and positive early quarterly corporate earnings reports.

The Dow Jones Industrial Average closed 334 points higher. The S&P 500 closed 59 points higher. The NASDAQ was up 291 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 20¢ to 80¢ lower through the front six contracts.

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Fresh beef prices increased fractionally month to month in December but were about 2% less than the record highs in September, according to the Livestock Marketing Information Center (LMIC).

“The All-Fresh average beef price for December was $8.078 per pound, according to USDA-Economic Research Service (ERS),” say LMIC analysts in the latest issue of In the Cattle Markets. “This compares to $4.883 for average pork prices and $2.434 for chicken.”

All-Fresh beef price averaged $8.01 last year, up from $7.60 in 2023, according to LMIC. Pork prices averaged $4.87 in 2024 compared to $4.81 in 2023. Chicken prices in 2024 averaged $2.43, a slight decline from $2.46 in 2023.

“Ground beef prices were little changed during the last three months of the year, averaging $5.875 for the quarter and the December average at $5.863,” LMIC analysts explain. “Ground beef prices peaked for the year in September at $5.917. In December 2023, ground beef prices averaged $5.566.”

For perspective, steak prices averaged $10.626 per pound in December, down from $10.646 a year earlier.

2025-01-18T16:45:38-06:00

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