Cattle futures strengthened Friday on the back of the week’s sharply higher fed cattle prices.
Live cattle futures closed an average of $2.06 higher. Feeder Cattle futures closed an average of $3.42 higher.
From Monday through Friday, Live Cattle futures closed an average of $5.51 higher. Feeder Cattle futures closed an average of $10.72 higher.
Negotiated cash fed cattle trade ranged from limited on moderate demand to moderate-to-heavy on good demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $4 higher in the Texas Panhandle at $228/cwt., $4-$5 higher in Kansas at $228-$230, $8-$10 higher in Nebraska at $240 and $5-$6 higher in the western Corn Belt at $235-$240. Dressed delivered prices were $12 higher at $380.
Choice boxed beef cutout value was $6.02 lower Friday afternoon at $378.64. Select was $4.37 lower at $366.49.
Estimated total cattle slaughter last week of 568,000 head was 94,000 head more than the previous week but 37,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 15.6. million head was 1.1 million head fewer (-6.5%) than the same period a year ago. Estimated year-to-date beef production of 13.6 billion pounds was 473.6 million pounds less (-3.4%).
Grain and Soybean futures were lower Friday.
Corn futures closed mostly 2¢ to 4¢ lower, despite lower estimated stocks in the World Agricultural Supply and Demand Estimates (see below) with traders apparently banking on yields higher than current USDA estimates.
Kansas City Wheat futures closed 8¢ to 10¢ lower. Soybean futures closed 4¢ to 8¢ lower.
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Major U.S. financial indices closed lower Friday on more tariff battling from the White House, including announcement of a 35% tariff on Canadian imports beginning Aug. 1.
The Dow Jones Industrial Average closed 279 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 45 points.
West Texas Intermediate Crude Oil futures (CME) were $1.31 to $1.88 higher through the front six contracts.
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USDA’s Economic Research Service (ERS) left projected average five-area direct fed steer prices unchanged for the remainder of this year, compared to the previous month, in the July World Agricultural Supply and Demand Estimates (WASDE). Prices were forecast at $226/cwt. in the third quarter and $229 in the fourth quarter for an annual average of $221.31. Next year’s forecast annual average price was $229 with $227 in the first quarter.
That was with this year’s beef production estimated 170 million pounds less than the previous month at 26.2 billion pounds. The total would be 796 million pounds less (-2.9%) than last year.
Among other WASDE highlights…
Corn
The 2025/26 U.S. corn outlook was for smaller supplies, domestic use and ending stocks. Corn beginning stocks were reduced 25 million bushels to 1.3 billion, reflecting an increase in exports that was partly offset by lower feed and residual use for 2024/25.
Corn production for 2025/26 was forecast 115 million bushels less on lower planted and harvested area from the June 30 Acreage report. The yield was unchanged at 181.0 bushels per acre. With supply falling more than use, ending stocks declined 90 million bushels. The season-average farm price received by producers was unchanged at $4.20 per bushel.