Negotiated cash fed cattle trade ranged from inactive on very light demand to limited with very light demand through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $2 lower in the Southern Plains at $188/cwt., steady in Nebraska at $198 and steady to $3 lower in the western Corn Belt at mostly $197-$198.50. Dressed delivered prices were $2 lower in Nebraska at $312. Dressed delivered prices in the western Corn Belt the previous week were $312-$315.
Live Cattle futures closed an average of 75¢ higher (12¢ to $1.15 higher). However, they were an average of $2.63 lower week to week on Friday. Feeder Cattle futures closed an average of $1.37 higher on Friday but were an average of $4.66 lower week to week.
Choice boxed beef cutout value was 41¢ higher Friday afternoon at $322.06/cwt. Select was $1.07 lower at $302.31/cwt. Week to week on Friday, Choice was down $8.37 and Select was $2.75 lower.
Total estimated cattle slaughter last week of 601,000 head was 79,000 head more than the previous holiday-shortened week, but 32,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 16.7 million head was 778,000 head fewer (-4.5%) than the same period last year. Year-to-date estimated beef production of 14.1 billion pounds was 226.2 million pounds less (1.6%).
Corn futures firmed Friday, buoyed by a bullish WASDE. They closed mostly 1¢ to 4¢ higher, but they were an average of 9’7¢ lower through the front six contracts week to week on Friday.
KC HRW Wheat futures closed mostly 10¢ to 16¢ lower through Dec ’25 and then unchanged to 8¢ lower.
Soybean futures closed fractionally lower to 12¢ lower through May ’25 and then mostly 4¢ to 6¢ higher.
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Major financial indices closed higher Friday with extended investor optimism regarding the potential of interest rate cuts.
The Dow Jones Industrial Average closed 247 points higher. The S&P 500 closed 30 points higher. The NASDAQ was up 115 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME were 16¢ to 41¢ lower through the front six contracts.
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USDA’s Economic Research Service (ERS) raised the expected five-area direct fed steer price for the remainder of this year in the July World Agricultural Supply and Demand Estimates (WASDE). Compared to the previous month, projected prices increased $7 for the third quarter to $190/cwt. and $2 for the fourth quarter to $188, based on recent prices and expectations of firm fed cattle demand. The projected annual average price for this year increased by $2.85 to $186.86. Next year’s annual average price was projected $2 higher at $191 with an average of $188 in the first quarter.
Price expectations increased despite higher forecast beef production. Compared to the previous month, this year’s beef production was projected 65 million pounds more at 26.7 billion pounds with higher expected steer and heifer slaughter more than offsetting reduced cow slaughter. Beef production for next year was projected 100 million pounds more at 25.5 billion pounds based on higher expected steer and heifer slaughter, partially offset by lower cow slaughter. Next year’s estimated beef production would be 1.2 billion pounds less (-4.5%) than this year’s projected total.