Cattle futures mostly edged higher Friday, extending gains from the previous session and supported by higher cash fed cattle prices.
Live Cattle futures closed an average of 43¢ higher., except for 12¢ lower in the spot month. They were an average of $2.39 lower week to week on Friday.
Feeder Cattle futures closed narrowly mixed, from an average of 32¢ lower in the front three contracts to an average of 13¢ higher. They were an average of $5.38 lower week to week on Friday.
Negotiated cash fed cattle trade in the Southern Plains ranged from slow on light demand in the Texas Panhandle to moderate on moderate demand in Kansas through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was slow on light demand.
For the week, FOB live prices were $2 higher in the Southern Plains at $184/cwt., $2 higher in Nebraska at $186-$187 and $1-$3 higher in the western Corn Belt at $187. Dressed delivered prices were steady to $1 higher in Nebraska at $295 and $1 higher in the western Corn Belt at $295.
Choice boxed beef cutout value was $1.30 higher Friday afternoon at $294.20/cwt. Select was 33¢ lower at $287.65/cwt. However, week to week on Friday, Choice was $2.94 lower and Select was $1.07 lower.
Total estimated cattle slaughter of 619,000 head last week was 6,000 more than the previous week but 2,000 head less than the same week last year. Year-to-date estimated total cattle slaughter of 10.8 million head was 509,700 head fewer (-4.5%). Year-to-date estimated beef production of 9.0 billion pounds was 214.1 million pounds less (-2.3%).
Turning to row crops, Grain and Soybean futures continued higher Friday as traders added weather premiums.
KC HRW Wheat futures closed 11¢ to 13¢ higher through May ’25. and then mostly 6¢ to 7¢ higher.
Corn futures closed mostly 3¢ higher.
Soybean futures closed 9¢ to 14¢ higher through Aug ’25 and then mostly 7¢ higher.
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Major U.S. financial indices surged higher Friday, buoyed by a weaker jobs report than expected, which boosted hopes about reining back inflation.
Total non-farm payroll employment increased by 175,000 in April, and the unemployment rate was little changed at 3.9%, according to the Employment Situation Summary from the U.S. Bureau of Labor Statistics.
Average hourly earnings in April for all employees on private non-farm payrolls increased by 7¢ (+0.2%) to $34.75. Over the past 12 months, average hourly earnings increased by 3.9%.
The Dow Jones Industrial Average closed 450 points higher. The S&P 500 closed 63 points higher. The NASDAQ was up 315 points.
West Texas Intermediate Crude Oil futures on the CME closed 35¢ to 84¢ lower through the front six contracts.
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Although 10% less year over year, March U.S. beef exports were the most of 2024, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). March exports totaled 102,218 metric tons (mt). Export value was $889.9 million, down 0.3% from a year ago but the highest in nine months.
March beef export value equated to $454.62 per head of fed slaughter, the highest since mid-2022.
Beef exports for the first quarter (Jan. through Mar.) totaled 311,865 mt, down 4% from the first quarter of last year. Export value increased 6% to $2.48 billion.
“Beef demand in the Caribbean was outstanding in March, and we continued to see a strong rebound in the Middle East as well as some positive signs in Korea and Japan, where the foodservice recovery is making progress,” says Dan Halstrom USMEF president and CEO. “It’s a challenging situation in terms of supply availability, but the value U.S. beef commands internationally is very encouraging – as evidenced by March export value climbing to more than $450 per head.”
U.S. pork exports of 260,430 mt in March were 0.1% more than a year earlier. Pork export value was 2% higher year over year at $740.8 million.