Negotiated cash fed cattle trade was slow on light to moderate demand in all regions through Friday afternoon, according to the Agricultural Marketing Service.
For the week, FOB live prices were $1 higher in the Texas Panhandle at $186/cwt., $1-$2 higher in Kansas at $186-$187, $2-$3 higher in Nebraska at $187-$188 and $1-$3 higher in the western Corn Belt at $186-$188. Dressed delivered prices were steady in Nebraska at $290. The previous week dressed delivered prices in the western Corn Belt were $290-$300.
Choice boxed beef cutout value was 62¢ higher Friday afternoon at $307.41/cwt. Select was 85¢ lower at $272.07. Week to week on Friday, Choice was $4.07 higher, but Select was $4.07 lower.
Estimated total cattle slaughter last week of 631,000 head was 25,000 head more than the previous week. Year-to-date estimated total cattle slaughter of 28.2 million head was 975,000 head fewer (-3.3%) than the same period last year. Year-to-date beef production of 23.9 billion pounds was 27.8 million pounds fewer (-0.1%) than the same time last year.
Cattle futures continued higher Friday, bolstered by the week’s firmer Choice wholesale beef value and steady to stronger cash fed cattle prices.
Feeder Cattle futures closed an average of $1.08 higher on Friday and were an average of $6.91 higher week to week.
Live Cattle futures closed an average of 48¢ higher Friday. Week to week, they were an average of $3.06 higher.
Grain and Soybean futures continued lower Friday.
Corn futures were mostly fractionally lower to 1¢ lower. Kansas City Wheat futures were mostly 2¢ lower. Soybean futures closed 4¢ to 7¢ higher through Nov ‘25 and then mostly 2¢ higher.
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Major U.S. financial indices closed higher again Friday.
The Dow Jones Industrial Average closed 426 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 31 points.
West Texas Intermediate Crude Oil futures on the CME closed 85¢ to $1.14 higher through the front six contracts.
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Markets will likely view the latest USDA Cattle on Feed report as neutral to slightly bearish with more placements than expected.
Feedlots with 1,000 head or more capacity placed 2.3 million head in October which was 5.3% more year over year and about 2% more than expectations.
In terms of placement weights, 47% went on feed weighing 699 lbs. or less, 40% weighing 700-899 lbs. and 13% weighing 900 lbs. or more.
Marketings in October of 1.8 million head were 4.7% more year over year, which was in line with expectations.
Cattle on feed Nov. 1 of 11.99 million head was 0.3% more than the same time last year, also in line with expectations ahead of the report.