Cash fed cattle prices helped lead Cattle futures higher Friday and for the week.
Negotiated cash fed cattle trade was light to moderate on good demand in the North through Friday afternoon, according to the Agricultural Marketing Service. FOB live prices were $3-$5 higher at $205/cwt. in a light test. Dressed delivered prices in Nebraska were $8-$10 higher at $325. Dressed delivered prices in the western Corn Belt the previous week were $315-$320.
Trade in the Southern Plains was light to moderate on good demand. Although too few transactions for a trend, there were some FOB live trades at mostly $202. The previous week, prices in the region were $197.
Wholesale beef values softened on the day with Choice boxed beef cutout value $1.42 lower Friday afternoon at $318.27/cwt. Select was $1.15 lower at $306.32. Week to week, however, Choice was $3.37 higher and Select was 52¢ higher.
Estimated total cattle slaughter last week of 587,000 head was 9,000 head more than the previous week. Estimated year-to-date total cattle slaughter of 6.1 million head was 417,000 head fewer (-6.4%) than the same period last year. Estimated year-to-date beef production of 5.3 billion pounds was 123.1 million pounds less (-2.3%).
As alluded to, Cattle futures closed higher Friday, fueled by stronger cash fed cattle prices and continued feeder cattle bullishness in the country.
Live Cattle futures closed an average of 72¢ higher (30¢ higher at the back to $1.12 higher at the front). Feeder Cattle futures closed an average of 93¢ higher (27¢ higher at the back to $1.75 at the front).
Week to week on Friday, Live Cattle futures were an average of $2.32 higher and Feeder Cattle futures were an average of $4.76 higher.
Turning to the grain complex Friday, futures were mixed with likely profit taking and position squaring.
Corn futures were 1¢ to 8¢ lower through Dec ‘25 and then unchanged to fractionally lower. Kansas City Wheat futures 1¢ to 3¢ lower. Soybean futures were mostly 5¢ to 9¢ higher.
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Major U.S. financial indices bounced higher Friday helped by chatter about a budget agreement in place to avoid a government shutdown.
The Dow Jones Industrial Average closed 674 points higher. The S&P 500 closed 117 points higher. The NASDAQ was up 551 points.
Indices were lower week to week, though, beneath the weights of tariff confusion, worries about domestic economic growth and sagging consumer confidence.
West Texas Intermediate Crude Oil futures on the CME were 54¢ to 64¢ higher through the front six contracts.
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Domestic consumer beef demand continues at a strong pace, based on a recent reading of consumers’ willingness to pay for their protein of choice.
The Livestock Marketing Information Center (LMIC) provides an overview in the latest Livestock Monitor, based on February retail meat prices reported by USDA.
“The price of all fresh retail beef rose by 6.2% to $8.32 per pound, retail pork prices increased by 1.6% to $4.84 per pound and retail broiler prices climbed 5.1% to $2.05 per pound,” according to LMIC analysts.
More specifically, those analysts explain prices for all uncooked ground beef reached $5.96 per lb., reflecting an 8.8% increase year over year. Beef roast prices also rose 8.8% nearly $8.00 per pound.
“Choice steak prices recorded a 7.6% increase from the previous year, reaching $8.49 per pound,” LMIC analysts say. “Choice sirloin steaks were priced at $11.90 per pound., marking an increase of 1.6%.”