Negotiated cash fed cattle trade was active to moderate on very good demand in the North through Friday afternoon, according to the Agricultural Marketing Service. Trade in the Southern Plains was light on good demand.
For the week, FOB live prices were $4-$5 higher in the Southern Plains at mainly $197/cwt., $3-$4 higher in Nebraska at $200 and $3-$5 higher in the western Corn Belt at $200. Dressed delivered prices were $8 higher at $315.
Choice boxed beef cutout value was $1.76 higher Friday afternoon at $325.24/cwt. Select was $2.49 higher at $296.72.
Based on the last full week of December, estimated total cattle slaughter in 2024 was about 1.2 million head less (-3.7%) year over year, while estimated beef production was 169.1 million pounds less (-0.6%).
Cattle futures closed lower Friday with likely profit taking.
Feeder Cattle futures closed an average of $2.32 lower. Live Cattle futures closed an average of $1.02 lower, except for 45¢ higher in spot Feb.
Week to week on Friday, Feeder Cattle futures closed an average of $2.32 higher (32¢ to $3.62 higher) except for 70¢ lower in the back contract. Live Cattle futures closed an average of $2.57 higher through the front three contracts and then an average of 37¢ higher.
Grain and Soybean futures closed lower Friday.
Corn futures closed 7¢ to 9¢ lower through old-crop contracts and then mostly 5¢ lower with some likely producer selling.
Kansas City Wheat futures closed 12¢ to 13¢ lower through Jly ’26, pressured by poor exports and positive domestic production conditions. Net U.S. weekly export sales for the week ending Dec. 26 were down 77% from the previous week — a marketing year lower — and 68% less than the prior four-week period.
Soybean futures closed mostly 16¢ to 21¢ lower, also pressured by anemic export sales — down 51% from the prior week and down 67% from the previous four-week average.
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Major U.S. financial indices closed higher Friday, led by tech stocks.
The Dow Jones Industrial Average closed 339 points higher. The S&P 500 closed 73 points higher. The NASDAQ was up 340 points.
West Texas Intermediate Crude Oil futures on the CME closed 55¢ to 83¢ higher through the front six contracts.
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Hay prices near the end of 2024 were the cheapest in about four years, according to the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor.
Since the beginning of the 2023-24 crop year, LMIC analysts explain national alfalfa hay prices declined $123 per ton from $288 in April 2023 to $165 in November last year. LMIC forecasts the 2024-25 alfalfa hay price to range from $170-$180 per ton.
Similarly, other hay prices declined by $89 per ton from $248 in Oct. 2022 to $159 in November last year. LMIC forecasts the 2024-25 other hay price at around $150 per ton.
“The January Crop Production report from USDA NASS will detail the December 1 hay stocks at the state level. This will be a key piece of information providing further insights into the available hay supplies moving into 2025, which could influence hay prices,” say LMIC analysts. “Drought will be another factor influencing hay prices and production. The most recent estimate from USDA World Agricultural Outlook Board (WAOB) states, ‘… approximately 46% of alfalfa hay acreage is within an area experiencing drought.’”