Cattle futures rebounded Friday, fueled by the higher cash fed cattle prices in the North.
Live Cattle futures closed an average of $2.76 higher ($1.55 higher at the back to $4.00 higher at the front).
Feeder Cattle futures closed an average of $3.76 higher.
Week to week on Friday, Live Cattle futures closed an average of $5.46 higher ($3.42 higher at the back to $7.70 higher toward the front). During the same period, Feeder Cattle futures closed an average of $5.85 higher.
Negotiated cash fed cattle trade was mostly inactive on very light demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Trade was active on good demand in Nebraska but light with moderate demand in the western Corn Belt.
For the week, FOB live prices were steady in the Southern Plains at $197/cwt., but $2-$4 higher in the North at $200-$202. Dressed delivered prices were $2-$4 higher in Nebraska at $315-$317. The dressed delivered price in the western Corn Belt was $313.
Choice boxed beef cutout value was $1.78 higher Friday afternoon at $314.90/cwt. Select was $2.29 higher at $305.80. Week to week on Friday, Choice was $3.07 higher and Select was $3.75 higher.
Total estimated cattle slaughter last week of 578,000 head was 12,000 head more than the previous week but 6,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 5.5 million head was 410,000 head fewer (-6.9%) than the same period last year. Estimated year-to-date beef production of 4.8 billion pounds was 129.6 million less (-2.6%).
Turning to the grain complex, futures were mixed Friday.
Corn futures closed 4¢ to 5¢ higher through old-crop contracts and then mostly 2¢ higher. Kansas City Wheat futures closed mostly 3¢ to 4¢ lower. Soybean futures closed mostly 4¢ to 5¢ higher, except for fractionally lower to 3¢ lower through the front three contracts.
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Major U.S. financial indices gyrated across a broad range Friday but settled higher on the day. Initial pressure included softer than expected national employment.
Total non-farm payroll employment rose by 151,000 in February, and the unemployment rate
changed little at 4.1%, according to the U.S. Bureau of Labor Statistics.
In February, average hourly earnings for all employees on private non-farm payrolls rose by 10¢ to $35.93. Over the past 12 months, average hourly earnings have increased by 4.0%.
The Dow Jones Industrial Average closed 222 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 126 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME closed 68¢ to 77¢ higher through the front six contracts.
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Exports of U.S. beef trended higher than a year ago to begin 2025, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
January beef exports reached 102,840 metric tons (mt), up 3% year over year, while value increased 5% to $804.6 million. Growth was driven in part by larger exports to China and Canada, while exports to South Korea were steady in volume but higher in value. Strong value increases were also achieved in other key markets, including Taiwan, the Caribbean, Central America and the ASEAN. Exports of beef variety meat were the largest in nearly two years, led by larger shipments to Mexico, Egypt, Canada and China/Hong Kong.
“Demand for U.S. beef came on strong in the Asian markets late last year, and that momentum largely continued in January,” says Dan Halstrom, USMEF president and CEO. “The performance in Korea is especially encouraging, given the country’s political turmoil and slumping currency. It is also gratifying to see exports trending higher to China, though we are concerned about access to the market moving forward, as many U.S. beef and pork plants are awaiting word on their eligibility beyond mid-March.”
Although still strong, U.S. pork exports in January were 3% less year over year for volume and 2% less for value at $668 million.
“Duty-free access to Mexico, Canada and other free trade agreement partners has definitely underpinned global demand for U.S. red meat and delivered essential returns at every step of the supply chain,” Halstrom says. “The majority of U.S. red meat exports are to countries with which we have trade agreements. Maintaining trust and access to these markets is critical to the continued success of the U.S. industry.”